Despite bullishness in the overall markets, oil marketing companies ended in red amid high crude oil prices.
HPCL slumped 3.8% to touch a low of Rs 353 and finally ended near the day's low of Rs 354. Around 262,944 shares were traded on the BSE today.
BPCL dropped 2.5% to Rs 518. Earlier in the day the stock slipped to a low of Rs 514 - down 3.5% from the day's high. The counter clocked a volume of 115,437 shares.
IOC declined 2.5% to Rs 577. The counter witnessed comparatively thin volumes of 69,451 shares on the BSE, as against the two-week daily trade average of 166,967 shares.
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(Updated at 1128 hrs)
Oil Marketing Companies (OMCs) have slipped in early trades as the government has ruled out a hike in fuel prices.
HPCL opened at Rs 370 but slipped 4.5% to a low of Rs 354. The stock is now down 2.5% at Rs 357. Around 74,123 shares have been traded on the BSE so far.
BPCL has touched a low of Rs 514 - down 3.5% from its high of Rs 533. The stock is now trading with a loss of 2.5% at Rs 519. The counter has clocked a volume of 32,645 shares on the BSE so far.
IOC opened at Rs 595 and slipped 3.3% from there to the day's low of Rs 575. The stock has recovered now and is trading flat at Rs 586. Around 28,672 shares have been traded so far.
The government's decision comes after crude's price touching this year's high of $74 a barrel on Friday. The government had increased fuel prices last month following successive increase in global crude prices. Petrol and diesel prices were hiked by Rs 4 and Rs 2 per litre, respectively, to cut losses of oil companies.
