Shares of HPCL, IOC, BPCL tumble after government cuts petrol-diesel price by Rs 2

New Delhi: Shares of Oil Market Companies (OMCs) -- Indian Oil Corporation, BPCL, and HPCL -- tumbled on Friday after the petrol and diesel prices were cut by Rs 2 per litre each.

The stock of Hindustan Petroleum Corporation Limited (HPCL) plummeted 6.29 per cent to settle at Rs 468.70 on the BSE. During the day, it dropped 9.82 per cent to Rs 451.

Shares of Indian Oil Corporation (IOC) fell by 5.46 per cent to Rs 161.15. In intra-day trade, it tanked 9.88 per cent to Rs 153.60.

Bharat Petroleum Corporation Limited (BPCL) dipped 3.74 per cent to finish at Rs 586.25 after dropping 8.20 per cent to Rs 559.05 during the day.

This is the first revision in rates in nearly two years.

Petrol cost in the national capital will be Rs 94.72 a litre as compared to Rs 96.72 per litre previously while the price of diesel will now come to Rs 87.62 as opposed to Rs 89.62 currently, a price notification of state-owned fuel retailers said.

In the equity market, the BSE benchmark ended with a decline of 453.85 points or 0.62 per cent at 72,643.43.