HPCL, BPCL Stocks Plunge Up to 8% as Crude Oil Approaches $120

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HPCL, BPCL Shares Plunge 8% as Crude Oil Nears $120; OMCs Face Margin Pressure

HPCL, BPCL Shares Plunge 8% as Crude Oil Nears $120; OMCs Face Margin Pressure

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CNBC TV18•09-03-2026, 09:32

HPCL, BPCL Shares Plunge 8% as Crude Oil Nears $120; OMCs Face Margin Pressure

•HPCL, BPCL, and Indian Oil Corporation Ltd shares dropped up to 8% on Monday, March 9.
•The decline is due to crude oil nearing $120 per barrel, impacting OMCs' marketing margins and operating performance.
•Crude prices surged nearly 30% on Monday, continuing a record-breaking trend, with no pump price hike expected.
•ICICI Securities analyst Probal Sen projects HPCL could face significant losses, potentially a negative EPS of ₹80-90.
•Rising oil prices negatively affect Indian markets; global markets are also roiled, with Gulf nations cutting production.

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