Shares of oil marketing companies — Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — on Wednesday plunged up to 13 per cent, a day after hike in excise duty on petrol and diesel.
Hindustan Petroleum Corporation Ltd (HPCL) shares tanked 13 per cent, Bharat Petroleum Corporation Ltd (BPCL) plunged 9.99 per cent and Indian Oil Corporation (IOC) dropped 7.49 per cent on the BSE.
Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
