Shares of
state-run oil marketing companies fell by up to 2 per cent in morning trade on the BSE on Tuesday as investors booked profits notched up during Monday'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 (BPCL) slipped by 1.83 per cent to touch an early low of Rs 651.50.
Similarly, Hindustan Petroleum Corporation Ltd (HPCL) 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 per litre, domestic LPG by Rs 50 per cylinder and kerosene by Rs 2 per litre, which will help the oil companies reduce their revenue loss on selling these fuels at subsidised rates by Rs 21,000 crore.
Meanwhile, the crucial BSE
Sensex index was trading down by 12.36 points at 18,400.05 at 1120 hours.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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