Oil stocks slide on deferred fuel price hike

Subscribe to Oneindia News

ONGC
Mumbai, June 8 : Stocks of oil companies fell by four per cent on the BSE sensex after a decision on fuel price hike was deferred on Monday, June 7.

The State-run ONGC touched a low of Rs.1,156.05, down 2.47 per cent while HPCL fell by 3.74 per cent to Rs.322.25 in the early hours of trade on the Bombay Stock Exchange.

On Monday, June 7 a panel of ministers deferred a decision on raising fuel prices due to a lack of quorum, even though it appeared there was consensus on freeing petrol prices from government control and a hike of up to Rs.2 per litre in diesel rates.

The BSE Oil&Gas sectoral index fell by 59.64 points, or 0.59 per cent, to a low of 9,895.32 points.

Other oil companies trading low were IOC (3.42 per cent), BPCL (3.31 per cent), and Gail India (0.40 per cent).

OneIndia News

Please Wait while comments are loading...