BPCL, HPCL hit 52-week lows on concerns of large losses in Q2FY23

Analysts believe that OMCs would see further decline in GRMs in Q2FY23, as cracks correct on a sequential basis and lower oil prices would drive sizable inventory losses

Shares of state-owned oil marketing companies (OMCs) were under pressure as Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) hit their respective 52-week lows on concerns of large losses in the July-September quarter (Q2FY23).

At 02:08 PM; these stocks were down 1 per cent, as compared to 0.72 per cent rise in the S&P BSE Sensex. Shares of Indian Oil Corporation (IOC) quoted flat at Rs 66.35 per share, after it hit an intra-day low of Rs 65.55 apiece. Earlier, the stock had hit a 52-week low of Rs 65.20 on September 29.

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