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Shares of state-run oil marketing companies fell by up to 2 per cent in morning trade on BSE today as investors booked profits notched up during yesterday’s rally, which was fuelled by a hike in fuel prices.
Indian Oil Corporation went down by 1.87 per cent to hit a low of Rs 341.05, while Bharat Petroleum Corporation Ltd slipped by 1.83 per cent to touch an early low of Rs 651.50.
Similarly, Hindustan Petroleum Corporation Ltd fell by 1.93 per cent to a low of Rs 407.20.
In the previous session, these stocks advanced by up to 6 per cent in the wake of the Government’s decision on Friday to increase diesel prices by Rs 3 a litre, domestic LPG by Rs 50 a cylinder and kerosene by Rs 2 a litre, which will help oil companies reduce their revenue loss on selling these fuels at subsidised rates by Rs 21,000 crore.
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