Shares of oil
marketing companies (OMCs) were under pressure with the Indian Oil
Corporation (IOC) hitting its 52-week low, while Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) falling 6% each on the BSE on reports that the government may ask these companies to freeze prices as a temporary arrangement.
slipped 5% to Rs 154, its fresh 52-week low on the BSE, while HPCL
plunged 6.4% to Rs 292 and BPCL
shed 6% to Rs 373 on the BSE in intra-day trade. On comparison, the S&P BSE Sensex was trading 0.19% lower at 34,586 points at 10:48 am.
and Natural Gas Corporation (down 2% at Rs 180) and Oil
India (down 1.5% at Rs 235) were too trading lower by more than 1% on the BSE.
“Petroleum Minister Dharmendra Pradhan is expected to meet OMCs
on Wednesday to take stock of the situation. It is likely that the government may ask IOC, HPCL
to freeze prices as a temporary arrangement,” the Business Standard reported.
“The Prime Minister’s Office (PMO) has been provided data and inputs from OMCs.
For the last one week, discussions have been going on regarding an excise duty cut, and a decision is imminent,” added report with quoting a finance ministry official. CLICK HERE TO READ FULL REPORT