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OMCs’ scrips plunge on price cut buzz

FPJ Bureau | Updated on: Wednesday, May 29, 2019, 10:50 PM IST

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Mumbai: Shares of oil marketing firms plunged on Wednesday, as reports claimed the government had asked fuel retailers to absorb a hike of up to Re 1 per litre in fuel prices. Despite swift denials by Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp, the shares of these companies fell up to around 7 per cent. Hindustan Petroleum Corporation scrip plunged 7.57 per cent, Bharat Petroleum Corporation 7.42 per cent and Indian Oil Corporation 6.41 per cent on BSE.

The BSE oil and gas index fell 2.23 per cent to end at 14,715.87. Analysts tracking the companies are still waiting for official confirmation before taking any call of the stock.

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Published on: Thursday, April 12, 2018, 12:04 AM IST