On Tuesday, oil company shares such as Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were lost upto 4 percent after the foreign brokerage firm Nomura reduced its rating on the shares.
The rising crude prices across the globe are expected to have a negative impact on the rupee depreciated rupee, which is likely to have a negative impact on petrol marketing companies.
Crude oil prices have risen by 6 pc in the July-September quarter. Over the period there was 25 per cent rise. Crude oil is the main raw material for oil marketing companies. Therefore, the impact of these fluctuations would have a direct effect on the oil market companies’ revenue, even when oil prices have risen.
Oil Stock quotes: IOC shares were trading at Rs.126.35 per share, down 2.70 percent, HPCL were trading at Rs 204.50, 2.69 percent decline and BPCL was trading at Rs 262.95 down 3.02 percent, during post lunch hours of trade.