NEW DELHI: Oil marketing companies (OMCs) Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) saw their share prices going down by up to eight per cent in trade on Wednesday after reports came in that the government has asked the OMCs to absorb `1 per litre oil price hike.
Though the companies denied receiving any such instruction, the rising oil prices and expectations of government’s intervention impacted its stock movement on Wednesday.Shares of IOC slipped as much as 6.72 per cent to `167.25 level, which is close to its 52-week low of `164.34 recorded on March 26. HPCL shares went down by 7.88 per cent to `335.90, making it the company’s biggest intra-day percentage loss since September 13, 2017. BPCL shares fell by 7.92 per cent to `415.40, which again is quite near to its 52-week low.