October 5, 2018 / 5:02 AM / 11 days ago

BUZZ-India's oil marketing cos tank after govt announces fuel price cut

** Shares of Indian oil marketing cos (OMC) Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd extended losses and fell as much as 24.38 pct to 27.96 pct

** Govt cut gasoline and diesel prices by 2.5 rupees/litre on Thursday, out of which state-run refiners will bear 1 rupee/litre

** Centre also asked state govts to cut value added tax on fuel by a further 2.50 rupees/litre

** Weak rupee and high crude prices have led to record high fuel prices

** More than 24.4 mln BPCL shares changed hands vs 30-day avg of ~5 mln, 38 mln HPCL shares vs ~5.8 mln 30-day avg and 41.2 mln IOC shares vs ~7.3 mln 30-day avg

** BPCL records biggest intra-day pct loss since May, 2004, and HPCL, IOC since January 2008

** IOC falls to its lowest in over 15 mths, BPCL in over 19 mths and HPCL in over 18 mths

** HSBC said combination of 1.5 rupees/litre excise tax cut and likely lower dividends from OMCs expected to cost 0.1 pct of GDP in current year

** YTD as of Thursday’s close, IOC had fallen 27.8 pct, HPCL 48.1 pct and BPCL down 36 pct

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