Markets

BPCL, HPCL, IOC shares tank up to 7% on surging oil price

PTI New Delhi | Updated on April 19, 2018 Published on April 19, 2018

Shares of BPCL, HPCL and IOC reeled under selling pressure today, tumbling up to 7 per cent on worries over rise in global oil prices, which impact their margins.

The scrip of Bharat Petroleum Corporation Ltd tanked 6.81 per cent, Hindustan Petroleum Corporation Ltd -- 5.78 per cent and Indian Oil Corporation -- 4 per cent on BSE.

All the three stocks hit their 52-week lows during the day on BSE.

The BSE oil and gas index fell by 1.31 per cent to end at 14,425.57.

Oil prices edged up following a reported fall in US crude inventories amid the ongoing risk of supply disruptions.

Brent crude oil futures were at $ 74.14 a barrel, up 66 cents or 0.90 per cent.

Published on April 19, 2018
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