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Oil and Gas stocks tumble

Bharat Petroleum plunge 5% amid reports of the company selling 4% of treasury shares

Bharat Petroleum plunge 5% amid reports of the company selling 4% of treasury shares IANSMar 9, 2021, 16:16 IST Pixabay Bharat Petroleum Corporation Ltd ( BPCL) falling over 5 per cent. At 2.16 p.m., BPCL shares on the BSE were trading at ₹441.05, lower by ₹25.95 or 5.56 per cent from its previous close. Its shares fell amid reports of the company selling 4 per cent of treasury shares worth ₹3,774 crore in a bulk deal. Advertisement Indian Oil Corporation Ltd ( IOCL) trading 3.67 per cent lower at ₹99.75 per share. Hindustan Petroleum Corporation s ( HPCL) shares were trading at ₹234.60, lower by 3.62 per cent from its previous close. Further, revenues of OMCs are likely to remain under pressure for some time now as official sources indicated that with fuel price rise becoming an election issue, the Centre would not like to further escalate the matter with more increases in the auto fuel prices required in the wake of firming of prices in the global oil

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