BPCL, HPCL, IOC slip as CS initiates coverage with 'Underperform'
Credit Suisse has set target price of Rs 300 for BPCL and Rs 250 for HPCL.
Shares of Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) plunged up to 4 per cent in early trade on Wednesday after Credit Suisse initiated coverage on oil marketing companies with ‘Underperform’ rating.
The global financial services firm expects marketing volume growth to slow down amid heavy capex cycle ahead for OMCs.
Credit Suisse has set target price of Rs 300 for BPCL and Rs 250 for HPCL.
Shares of BPCL declined as much as 3.94 per cent to Rs 345 in early trade, while HPCL and IOC were down 4.61 per cent and 1.50 per cent, respectively.
The global financial services firm expects marketing volume growth to slow down amid heavy capex cycle ahead for OMCs.
Credit Suisse has set target price of Rs 300 for BPCL and Rs 250 for HPCL.
Shares of BPCL declined as much as 3.94 per cent to Rs 345 in early trade, while HPCL and IOC were down 4.61 per cent and 1.50 per cent, respectively.