OMCs under pressure; IOC hits 52-week low; HPCL, BPCL down 6%

It is likely that the government may ask IOC, HPCL and BPCL to freeze prices as a temporary arrangement, report

Shares of oil marketing companies (OMCs) were under pressure with the Indian Oil Corporation (IOC) hitting its 52-week low, while Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) falling 6% each on the BSE on reports that the government may ask these companies to freeze prices as a temporary arrangement.

IOC slipped 5% to Rs 154, its fresh 52-week low on the BSE, while HPCL plunged 6.4% to Rs 292 and BPCL shed 6% to Rs 373 on the BSE in intra-day trade. On comparison, the S&P BSE Sensex was trading 0.19% lower at 34,586 points at 10:48