Crude Oil Marketing Companies Extend Slide, Plunge Over 20%
Shares of oil retailers extended decline and slumped over 20 percent after the government asked them to cut petrol and diesel prices by Re 1 per litre. The move will lower the gross marketing margins for the OMCs.
- Indian Oil fell as much as 25 percent
- Bharat Petroleum tumbled 28 percent
- Hindustan Petroleum slumped 24 percent