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Shares of oil marketing companies slumped after a media report said that the government has asked OMCs to absorb Rs 1 per litre price hike.
According to the report, the government is said to rule out excise duty cut to lower oil prices.
Hindustan Petroleum Corp Ltd plunged as much as 7.4 per cent to Rs 337.5, in its biggest intraday percentage loss since September 13, 2017. Bharat Petroleum Corp Ltd dropped as much as 5.6 per cent, while Indian Oil Corp Ltd fell nearly 6 per cent.
Oil prices eased away from their 2014 highs with Brent crude futures were down at $70.78 per barrel at 0154 GMT after gaining over 3 per cent on Tuesday.
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