HPCL tanks 5% on reports ONGC may acquire it in Rs 44,000 crore deal

BPCL also slipped nearly 3% to Rs 670, while ONGC was trading flat at Rs 194

Shares of Hindustan Petroleum Corporation Ltd (HPCL) tanked over 5% on the BSE on news reports the state-owned Oil and Natural Gas Corporation (ONGC) may acquire HPCL in an about Rs 44,000 crore deal as part of the government's plan to create an integrated oil giant. 

Reacting to the buzz, the stock of HPCL shed 5% to Rs 531 in intraday trade on the BSE. Stock of Bharat Petroleum Corporation Ltd (BPCL) also slipped nearly 3% to Rs 670. ONGC was trading flat at Rs 194. 

Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's