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The IOC stock has been declining of late on the bourses not only due to rising crude prices but also, according to brokers, the deteriorating security conditions in Sri Lanka. The company's subsidiary, Lanka IOC Ltd, operates retail petrol stations in that country.

Lanka IOC has been incorporated to carry out retail marketing of petroleum products, bulk supply to industrial consumers and building and operating storage facilities at Trincomalee Tank farm. The stock has declined 5.32 per cent month-on-month and 3.22 per cent week-on-week. It closed at Rs 430.70 on the BSE on Wednesday.

K.S. Badri Narayanan

More Stories on : Stock Markets | Stocks | Ear to the ground | Petroleum

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