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BSE Oil and Gas index drops over 2.5%; IOC hits 52-week low

The BSE Oil and Gas is trading lower by 2.6% at 13,884 on the BSE.

Shares of oil marketing companies are trading lower on the BSE. The BSE Oil and Gas index is trading lower by 2.6% at 13,884.

As per media reports, Minister of Petroleum & Natural Gas Dharmendra Pradhan is expected to meet OMCs to take stock of the situation. It is likely that the government may ask IOC, HPCL and BPCL to freeze prices as a temporary arrangement.

Shares of IOC hit 52-week low on the NSE. On Tuesday, the company’s PAT increased by 40.3% yoy to Rs5,218.1cr as against Rs3,720.62cr last year, missing the street estimates.

Bharat Petroleum Corporation Ltd is currently trading at Rs375.70 down by Rs21.6 or 5.44% from its previous closing of Rs397.30 on the BSE.

Indian Oil Corporation Ltd is currently trading at Rs155 down by Rs6.55 or 4.05% from its previous closing of Rs161.55 on the BSE.

Hindustan Petroleum Corporation Ltd is currently trading at Rs292 down by Rs20.1 or 6.44% from its previous closing of Rs312.10 on the BSE.

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