OMC stocks decline up to 5.5% as crude oil prices rebound
after close1 source ↓written by the desknot a recommendation
- fell
- 5.5%
- as crude oil
- 8 July
- to ₹299.40
- 4.7%
- to ₹137.00
- 3.5%
Shares of oil marketing companies (OMCs) fell up to 5.5% on 8 July as crude oil prices surged due to escalating tensions in the Middle East. Hindustan Petroleum Corporation (HPCL) dropped 5.5% to ₹384.20, Bharat Petroleum Corporation (BPCL) declined 4.7% to ₹299.40, and Indian Oil Corporation (IOC) slipped 3.5% to ₹137.00.
This decline reflects profit booking by investors amidst rising crude prices, which are influenced by recent U.S. military actions in the region. 📉
Not investment advice. For informational purposes only.