Oil marketing company stocks like HPCL, IOC and BPCL stocks slipped upto 3% as rupee depreciated and global oil prices increased, on 15, May 2026.

Indian Oil dipped more than 4% closing at ₹134.8 a share, declining for the second consecutive session. Hindustan Petroleum fell nearly 3% and closed at ₹366.40 a share. Bharat Petroleum fell 3.6% to ₹284.45 a share.

“A general decline in overall market, an increasing global crude price and the currency depreciation are the major reasons behind this, besides profit booking,” said Gagan Dixit Senior Vice President at Elara Capital

The Union government increased petrol and diesel prices by ₹3 each and the investors were still bearish on the OMC stocks. This is because the companies are losing ₹9-₹10 per litre, Mr. Dixit said. Further, he said the short term may be “volatile” with a “bad first quarter” and increasing short tenure debt. 

Large public sector companies would have a better borrowing capability and “at the end of the day, the government makes the amount that ONCs make the profit,” Mr. Dixit added.

The increase in fuel prices is expected to be increased on a phased basis, he said.