(ET)
Shares of oil marketing companies (OMCs) plunged up to 6 per cent in afternoon trade on Wednesday after ETNow reported that the government may ask the companies to absorb further hike in oil prices.
BPCL lost 6.23 per cent to end the day at Rs 500.35, while HPCL and Indian Oil Corporation were down 5.06 per cent and 4.28 per cent at Rs 457.35 and Rs 416.15, respectively.
According to reports, the government will unlikely pass further rise in fuel prices due to higher inflation. It also unlikely to roll back fuel excise duty due to fiscal constraints.
