Shares of oil marketing companies (OMC) are under pressure, fallen by more than 5% from their intra-day high after Jaipal Reddy, union petroleum minister said there was no immediate plan to raise price of petrol or any oil product.
Among the individual stocks, Bharat Petroleum Corporation (BPCL) trading lower by 3.4% at Rs 336 has tanked almost 6% from intra-day high of Rs 356 on the Bombay Stock Exchange (BSE).
Hindustan Petroleum Corporation (HPCL) is down 3% at Rs 300 and Indian Oil Corporation (IOC) by 2% at Rs 243 on the BSE.
The three state-run fuel retailers – IOC, BPCL and HPCL -- have together racked up losses of Rs 40,540 crore in their fiscal first quarter, four times the loss from a year earlier.
“The minister said that no decision taken yet on fuel price hike and the cabinet have to take the final call on the same. Oil marketing firms are not compensated for petrol sales because the government had decontrolled petrol price in June 2010,” according to media reports.
