Shares in oil marketing companies (OMCs) fell on fears the much anticipated fuel price hike would get delayed, as per the reports.
At 2.01 pm Hindustan Petroleum Corporation ( HPCL) fell by 4.01%, Bharat Petroleum Corporation ( BPCL) fell by 2.49%, Indian Oil Corporation ( IOC) fell by 2.16%
Soaring oil prices will also lead to higher under recoveries, added an institutional dealer. The Congress party's setback in crucial state elections is widely feared to keep reforms on hold and reverse a slowdown in economic growth.
'There is a buzz in the market that fuel price hike would be delayed due to the election outcome,' said Anup Chandak, senior manager, advisory, at Sharekhan. In a report on February 27, Macquarie said that investors should brace for on oil shock in India.
....more info
At 2.01 pm Hindustan Petroleum Corporation ( HPCL) fell by 4.01%, Bharat Petroleum Corporation ( BPCL) fell by 2.49%, Indian Oil Corporation ( IOC) fell by 2.16%
Soaring oil prices will also lead to higher under recoveries, added an institutional dealer. The Congress party's setback in crucial state elections is widely feared to keep reforms on hold and reverse a slowdown in economic growth.
'There is a buzz in the market that fuel price hike would be delayed due to the election outcome,' said Anup Chandak, senior manager, advisory, at Sharekhan. In a report on February 27, Macquarie said that investors should brace for on oil shock in India.
....more info