New Delhi, April 22 -- Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) shares - the state-run Oil Marketing Companies (OMC) - have received bearish views from analysts despite the recent sharp fall in crude oil prices, that touched a four-year low due to global growth concerns

Analysts expect the high auto fuel marketing margins of Indian OMCs may not sustain for long, as the government is likely to hike the excise duty on petrol and diesel prices.

Further, they believe the risk-reward is not favorable, given the overhang of LPG under-recoveries, risks to the sustainability of the Russian crude discount, and their aggressive capex plans.

Domestic brokerage firm JM Fin...