BPCL, HPCL, IOC down for 3rd straight day; slip upto 25% from 52-week highs

In past three days, shares of OMCs have declined between 8 - 12 per cent on concerns that recent petrol and diesel price cut could hurt the companies' profit margins in the near-term.

Shares of state-owned oil marketing companies (OMCs) continued to remain under pressure, falling another 4 per cent on the BSE in Tuesday's intra-day trade.

In past three days, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) have delcined between 8 per cent and 11 per cent on concerns that government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near-term.

On Thursday, March 14, the government reduced pump prices of petrol and diesel by Rs 2 per litre, after a record 22 months, in the national capital. The changes