Shares of Hindustan Petroleum Corporation (HPCL) flared up on Tuesday to close 12.09 per cent higher over the previous closing at Rs 225.80 after crude oil prices slipped below $106 a barrel. The lower oil price helps the company mitigate its losses.
Indian Oil Corporation and Bharat Petroleum Corporation were the other gainers, which were up by 8.23 per cent and 5.79 per cent respectively. High oil prices dent profits of state-run oil firms as they are forced to sell fuel at government-mandated prices.
HPCL hit an intraday high of Rs 228 and a low of Rs 204, with trading volumes of 6,48,659 shares (more than five times its two-week average).