Oil India rallies over 12% on diesel price hike

Posted By: Religare
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Shares of state-owned oil marketing company Oil India surged over 12 per cent in early trade on Bombay Stock Exchange (BSE) after the public sector oil retailer increased diesel retail prices by 45 paise a litre from Saturday.

This is the second increase in diesel price since February 16th and third since January.

Buoyed by development, shares of the company gained as much as 12.35 per cent to trade at Rs 549.70 a piece on the BSE.

In a similar fashion, shares of the company were quoting at Rs 505.15 a piece, up 3.62 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 18,857.46, up 121.86 points or 0.65 per cent at 9:45 hours.

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