Effect of cut in oil prices on shares!
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Share Market: Giving relief to the common people, the Central Government has reduced the prices of petrol and diesel by two rupees from today. However, its opposite effect is being seen in the shares of oil distributor companies in the stock market. The share price of Hindustan Petroleum has fallen by nine percent. At the same time, shares of Hindustan Petroleum Corporation Limited (HPCL) fell by 9 percent i.e. Rs 45 to Rs 455.10 on BSE. At the same time, shares of Indian Oil Corporation (IOCL) fell by 6.80 percent to Rs 158.40 and shares of Bharat Petroleum Corporation Limited (BPCL) fell by 6.37 percent to Rs 570.20. The prices of these petroleum products had remained stable for almost two years. The price notification from public sector fuel retailers said petrol in the national capital will now be priced at Rs 94.72 per liter as against Rs 96.72 per liter earlier, while diesel will now be priced at Rs 87.62 per liter instead of Rs 89.62. In the stock market, the BSE benchmark was trading at 72,568.28, down 529 points or 0.72 per cent.
Read Also: Before the elections, the government gave the gift of cheap petrol and diesel, know what is the rate in your city.
What is the update of Indian Oil?
Indian Oil shares fell by 8.42 percent i.e. Rs 14.35 to Rs 156 at 12 noon. However, the stock has given negative returns of Rs 18.30 in the last one month also, disappointing investors. However, the company has given returns of 68.68 percent on six month basis and 97.33 percent on annual basis. During trading today, the company’s stock opened at Rs 166, which had earlier closed at Rs 170.35.
What is the update of Bharat Petroleum?
Bharat Petroleum stock is trading at Rs 567.25, down 6.82 percent or Rs 41.50 at 12.05 pm. In the last one month, the stock has given a negative return of 13.10 percent to the investors. However, it has given returns of 61.04 percent on six-monthly basis and 71.74 percent on annual basis. The company’s shares closed at Rs 608.75 on Thursday. Which opened at Rs 588.25 today. The market cap of the company is Rs 1.23 lakh crore.
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