Oil stocks slide on deferred fuel price hike

Written by: Gaurav
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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).

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