May 23, 2018 / 7:44 AM / 3 months ago

BUZZ-Indian state-run explorers face increasing risk of sharing fuel subsidy - Moody's

** Indian state-owned explorers Oil and Natural Gas Corp Ltd and Oil India Ltd face increasing risk that govt will require them to share in fuel-subsidy burden, as oil prices rise - Moody’s Investors Service

** Cos have not contributed to fuel subsidies since June 2015, but had paid for over 40 pct of the annual subsidy bill in previous years, Moody's says here

** Oil marketing cos such as Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd have shared less than 1 pct of total fuel subsidies since FY2012, and it is unlikely that proportion of such costs will rise - Moody’s

** IOC, HPCL and BPCL fall as much as 4.8 pct to 7 pct; IOC hits its lowest since December 2016

** ONGC and Oil India drop 3 pct and 2 pct, respectively

** Over 7.5 mln HPCL shares change hands, compared with 30-day avg of around 6.8 mln shares

** HPCL and BPCL top pct losers on broader NSE index

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