Shares of public sector undertakings (PSU) oil market marketing companies (OMCs) are under pressure on concerns of rising under-recovery due to the fall in rupee.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are down in the range of 2-5% on BSE.
The rupee hits a record low of Rs 58.88 today against a dollar, has depreciated by 9.42% or Rs 5.07 since April 30, 2013.
A constantly falling rupee against the dollar has become a cause of concern for oil marketers who import nearly 70% of the crude oil requirements.
According to market experts, for per Rs 1 increase, the impact on under-recovery (loss incurred due to sale of fuel products on government rates) would be around Rs 9,000 crore annually.
Among the individual stocks, HPCL, the largest loser among OMC pack, down 5.5% at Rs 258, also its 52-week low price on BSE. BPCL is down by 3% at Rs 356, while IOC is trading lower by 2% at Rs 263.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are down in the range of 2-5% on BSE.
The rupee hits a record low of Rs 58.88 today against a dollar, has depreciated by 9.42% or Rs 5.07 since April 30, 2013.
A constantly falling rupee against the dollar has become a cause of concern for oil marketers who import nearly 70% of the crude oil requirements.
According to market experts, for per Rs 1 increase, the impact on under-recovery (loss incurred due to sale of fuel products on government rates) would be around Rs 9,000 crore annually.
Among the individual stocks, HPCL, the largest loser among OMC pack, down 5.5% at Rs 258, also its 52-week low price on BSE. BPCL is down by 3% at Rs 356, while IOC is trading lower by 2% at Rs 263.
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