IOC, BPCL, HPCL: OMCs slip in trade; here's why

IOC share price, BPCL share price, HPCL share price, Windfall tax news India: Oil Marketing Companies (OMCs) such as Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) shares slipped up to 4 per cent on Thursday on the NSE.

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IOC share price, BPCL share price, HPCL share price, Windfall tax news India: Oil Marketing Companies (OMCs) such as Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) shares slipped up to 4 per cent on Thursday on the NSE in the early morning deals amid reports that the possibility of the imposition of windfall gain tax again on petrol and diesel has lessened.

Individually, shares of IOC closed at Rs 89.95, down by Rs 0.90 or 0.99 per cent on the NSE. Hindustan Petroleum Corp (HPCL) shares slipped and finished at Rs 266.6, down by nearly 4 per cent after opening at Rs 272.50, down from the previous close of Rs 276.65.

Moreover, Bharat Petroleum Corporation (BPCL) shares were down nearly 2 per cent. The stock opened at Rs 367.6, down from the previous close of Rs 368.1, and touched the day's low at Rs 362.05. Oil marketing companies (OMCs) later recovered from the losses. IOC shares had edged lower and quoted Rs 90.8, down by 0.06 per cent. HPCL shares traded near the day's low at Rs 270.20, down by 2.33 per cent or Rs 6.45 on NSE. BPCL shares finished at Rs 362, down by Rs 6.10 or 1.66 per cent. In the last revision of the windfall tax, the windfall tax on petrol, diesel, and aviation turbine fuel (ATF) was left unchanged at zero.

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