OMCs in focus; HPCL hits 52-week low, IOC slips 4% on disappointing Q4
Shares of oil marketing companies (OMCs) were reeling under selling pressure on the BSE in Wednesday’s intra-day trade after Indian Oil Corporation (IOC) reported a disappointing set of numbers for the March quarter (Q4FY22).
Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) were down between 2 per cent-7 per cent.
HPCL hit a 52-week low of Rs 238.80, slipping 7 per cent on the BSE on the back of heavy volumes. At 10:22 am; it was trading 2 per cent lower at Rs 250.40, as compared to a 0.43 per cent gain in the S&P BSE Sensex. A combined 2.6 million equity shares had changed hands on the counter on the NSE and BSE.
