Ripples Advisory, BSE PSU index hits 52-week low; SAIL, NMDC down over 5%
The S&P BSE PSU Index was down 1.7% at 7,855 as compared to 0.14% decline in the S&P BSE Sensex
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Shares of state-owned companies were trading under pressure with the S&P BSE PSU Index hitting its 52-week low level on the back of over 3% decline in stocks of metal and oil marketing companies (OMCs).
The S&P BSE PSU Index lost nearly 2% to hit a 52-week low of 7,851 levels in intraday deals, as compared to 0.14% decline in the S&P BSE Sensex.
The fall in OMC counters comes amid reports that government-controlled Indian Oil (IOCL) and Bharat Petroleum Corp Ltd (BPCL) may buy 26% stake each in GAIL India, and paying the government over Rs 20,000 crore each to become integrated energy firms. IOCL, BPCL and Hindustan Petroleum Corporation (HPCL) lost in the range of 3% to 4% on the BSE.
Within OMCs, IOCL hit 52-week low of Rs 176, down 4%, extending its nearly 7% fall in past two trading sessions, after the company's shares turned ex-bonus on Thursday. The government-owned oil major rewarded its shareholders with one bonus share for every share held.
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