BSE PSU index hits 52-week low; SAIL, NMDC down over 5%

The S&P BSE PSU Index was down 1.7% at 7,855 as compared to 0.14% decline in the S&P BSE Sensex at 10:31 am.

Shares of state-owned companies were trading under pressure with the S&P BSE PSU Index hitting its 52-week low level on the back of over 3% decline in stocks of metal and oil marketing companies (OMCs).

The S&P BSE PSU Index lost nearly 2% to hit a 52-week low of 7,851 levels in intraday deals, as compared to 0.14% decline in the S&P BSE Sensex. 

The fall in OMC counters comes amid reports that government-controlled Indian Oil (IOCL) and Bharat Petroleum Corp Ltd (BPCL) may buy 26% stake each in GAIL India, and paying the government over Rs 20,000 crore