On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by 2 per litre in the national capital. The changes were effective from Friday.
As there is no indication of any excise duty relief from the central government, analysts expect OMCs to bear the cost of this price cut. Reacting to the development, shares of OMCs tumbled up to 19 per cent on the BSE during Friday's intraday trade. Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) plunged 9.8 per cent each to ₹451 and 153.6 per share, respectively. Bharat Petroleum Corporation (BPCL) declined 8 per cent to ₹571.75 during intraday trade. These stocks ended up to 6 per cent lower against 0.6 per cent fall in the Sensex. The Oil & Gas index fell 2.2 per cent. With Friday's fall, stock prices of OMCs have declined between 15 per cent and 21 per cent from their respective 52-week highs, touched in mid-February.
"We expect a negative stock price reaction from OMCS in the near term amid the retail price cut and recent elevated Brent crude prices of $85/bbl.
Denne historien er fra March 16, 2024-utgaven av Business Standard.
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Denne historien er fra March 16, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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