HPCL, BPCL shed up to 4% on lackluster June quarter performance

So far in this calendar year, BPCL and HPCL have tumbled 13 per cent, and 14 per cent, respectively. However, frontline indices Nifty50 and the S&P BSE Sensex have remained flat during the same period

Shares of Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) shed up to 4 per cent to Rs 238 per share and Rs 323 per share, respectively, in Monday's intra-day trade on BSE after the companies booked huge losses in quarter that ended in June (Q1FY23). 
 

On the back of a freeze in petrol and diesel prices, the fuel retailers clocked big losses that wiped away their marketing margin. While BPCL posted a loss of Rs 6,148 crore in Q1FY23, HPCL reported its highest-ever quarterly net loss of Rs 10,196.14 crore. 
 

For HPCL, the total expenses spiked 78.6 per