Hindustan Petroleum Corporation (HPCL) shares cracked by over 2% after reports of excise duty evasion by the oil major made the rounds. The stock in intra-day session hit a low of Rs. 317.10, down 2.2% over the previous close of Rs. 324.25.
As per a CNBC TV 18 report, Director General (DG) of Goods and Services Tax (GST) Intelligence (Visakhapatnam) has registered a case against HPCL for alleged evasion of central excise duty worth Rs. 346 crore. In accordance with the report, the OMC company has defaulted in payment on the transfer of petrol, diesel and kerosene to their Visakhapatnam-Vijayawada-Secunderabad pipeline (VVSPL).
In a similar case, DG GST Intelligence (Pune) booked IOC for non-payment of excise duty on sales of ethanol-blended motor spirit totaling to as much as Rs. 4,000 crore.
At 11:52 am, IOC was quoting Rs 167.00, down 1.27 percent. The stock hit an intra-day low of Rs. 166.65 on the BSE.