OMCs under pressure; HPCL, BPCL and Indian Oil Corporation decline up to 6%

In the past three months, HPCL, IOC and BPCL had outperformed the market by surging in the range of 15-33%, as compared to a 10% rise in the S&P BSE Sensex till Monday.

Shares of state-owned oil marketing companies (OMCs) were under pressure in the late morning deals on Tuesday with Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) falling up to 6 per cent on the BSE, on profit booking.

In the past three months, HPCL (up 33 per cent), IOCL (up 22 per cent) and BPCL (up 15 per cent) have outperformed the market. In comparison, the S&P BSE Sensex has gained 10 per cent during the same period till yesterday.

In January-March (Q4FY19) quarter, IOCL, BPCL and HPCL reported a combined net profit of Rs