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Defying the rally in the stock market, shares of oil marketing companies today fell by as much as 2.4 per cent amid firm international crude prices.
Higher crude prices increase the under-recoveries of the state-owned oil marketing companies which sell diesel, LPG and kerosene at controlled prices.
Bharat Petroleum Corporation saw its shares drop 2.39 per cent to Rs 640.90 on the BSE, as rising global markets have pushed up crude oil prices.
Similarly, Hindustan Petroleum Corporation plunged 2 per cent to Rs 336.60, while Indian Oil Corporation lost 0.95 per cent to Rs 294.5 a piece.
WTI crude, which rose over 9.67 per cent in the last six sessions, was trading 0.74 per cent down at $93.26 a barrel on the New York Mercantile Exchange.
Brent crude also fell 0.21 per cent, but optimism around European leaders’ move to rescue debt-laden euro-zone nations, especially Greece, has kept prices above $112 a barrel.
Oil marketing firms underperformed a bullish broader market: the BSE benchmark Sensex was trading up by 446.86 points or 2.58 per cent at 17,735.69 in the mid-session today.
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