Shares of IOC, BPCL, HPCL tumble after petrol-diesel price cut 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 8.10 per cent to Rs 459.60 on the BSE.

Shares of Indian Oil Corporation (IOC) tanked 6.80 per cent to Rs 158.40 and Bharat Petroleum Corporation Limited (BPCL) dropped 6.37 per cent to Rs 570.20.

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

Petrol in the national capital will now cost 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 traded with a decline of 529 points or 0.72 per cent at 72,568.28.