OMC stocks slip on fuel price-cut reports
Stocks of oil marketing companies (OMCs) lost some value on Monday because of media reports that prices of petrol and diesel may be cut to bring relief to customers.
In the fortnight ended December 8, shares of Bharat Petroleum, Hindustan Petroleum and Indian Oil Corporation rallied 15-20% on the back of benign crude oil prices and because of the convincing wins by the ruling BJP in three state elections. Moreover, the Street was reassured as petrol and diesel prices have remained stagnant for the past 18 months.
