State run oil refineries, BPCL, HPCL and IOC, were all battered on stock markets on divestment concerns even when the market was expecting a hike in their product prices following sharp rise in the global Brent Crude prices, the raw material for the companies.
Shares of BPCL were down 3.73 per cent to Rs 254, HPCL was down 0.40 per cent to Rs 271.20 and IOC was down 1.26 per cent to Rs 235.05.
Dealers said the fall in BPCL and HPCL was due to concerns related to their divestment ahead of Saturday