New Delhi, Feb. 3 -- Shares of state-run oil marketing companies (OMC) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) tanked up to 7% on Monday.

HPCL share price plunged as much as 7.58% to Rs.318.70 apiece, BPCL stock price declined 5.20% to Rs.242.30, while IOC shares cracked as much as 4.30% to Rs.120.10 apiece on the BSE.

OMC stocks extended losses after the Union Budget 2025-2026 documents indicated that the LPG subsidy amount was decreased to Rs.12,100 crore for FY26 from Rs.14,700 crore allocated for FY25.

According to Avinash Gorakshkar, Head of Research at Profitmart Securities, OMC stocks are falling for two reasons: the Petroleum Minister's stateme...