Move shaves up to 4% off OMC scrips
3 Dec 2014 11:31 PM GMT
Shares of three listed state-owned oil marketing companies (OMC) fell up to 4 per cent at close on Tuesday, after the government raised excise duty on petrol by Rs 2.25 per litre and by Re 1 a litre on diesel.
Bharat Petroleum Corporation fell by 4.06 per cent to close at Rs 712.90, while shares of Indian Oil Corporation fell by 2.55 per cent to Rs 351.20 on the Bombay Stock Exchange (BSE). Shares of Hindustan Petroleum Corporation Ltd lost 1.60 per cent to Rs 594. The second excise duty hike in three weeks will help raise additional Rs 4,000 crore in four months to March as the government seeks to take advantage of a slump in world oil prices to shore up its revenues without stoking inflation.
Bharat Petroleum Corporation fell by 4.06 per cent to close at Rs 712.90, while shares of Indian Oil Corporation fell by 2.55 per cent to Rs 351.20 on the Bombay Stock Exchange (BSE). Shares of Hindustan Petroleum Corporation Ltd lost 1.60 per cent to Rs 594. The second excise duty hike in three weeks will help raise additional Rs 4,000 crore in four months to March as the government seeks to take advantage of a slump in world oil prices to shore up its revenues without stoking inflation.
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