OMC stocks fall on petrol price reduction

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, October 1, 2013, 11:48 [IST]

Shares in oil marketing stocks fell, after these companies announced a price reduction of Rs 3.5 in the price of petrol.

Indian Oil was down 2.55% and was last trading at Rs 202.55 on the National Stock Exchange, while Bharat Petroleum was down 2.63% at Rs 322 and Hindustan Petroleum was down 1.33% in trade.

Oil marketing companies along with ONGC have been a little weak in the last few days of trade, after the government belied expectations of a steeper one time hike in diesel prices.

In fact, diesel price hike is unlikely to happen anytime soon given the fact that a few states are likely to go for election in the next two months.

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