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Rising oil prices, political developments to keep OMC stocks under check

HPCL was the top loser in this pack, slipping as much as 7.4% to Rs 337.5 levels, its biggest intraday percentage loss since September 13, 2017

Rising oil prices, political developments to keep OMC stocks under check

Share prices of the government's three oil marketing companies (OMCs) — Hindustan Petroleum (HPC), Bharat Petroleum (BPC) and Indian Oil Corporation (IOC) —plunged by six to eight per cent on Wednesday, after reports that the government had asked them to absorb Rs 1 per litre worth of a hike in retail prices of motor fuels. Even as the government ruled out an excise duty cut to cushion the impact of rising crude oil prices, IOC and HPC clarified that they had not got any such instruction. HPC, the most sensitive to retail prices, was the top loser in this ...