Shares of state-run oil marketing companies fell by up to 2% in morning trade on the BSE today as investors booked profits notched up during yesterday's rally, which was fuelled by a hike in fuel prices.
Indian Oil Corporation went down by 1.87% to hit a low of Rs 341.05, while Bharat Petroleum Corporation Ltd (BPCL) slipped by 1.83% to touch an early low of Rs 651.50.
Similarly, Hindustan Petroleum Corporation Ltd (HPCL) fell by 1.93% to a low of Rs 407.20.
In the previous session, these stocks advanced by up to 6% in the wake of the government's decision on Friday to increase diesel prices by Rs 3 per litre, domestic LPG by Rs 50 per cylinder and kerosene by Rs 2 per litre, which will help the oil companies reduce their revenue loss on selling these fuels at subsidised rates by Rs 21,000 crore.
Meanwhile, the crucial BSE Sensex index was trading down by 12.36 points at 18,400.05 at 1120 hours.
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