India's BPCL, HPCL, Indian Oil extend fall as oil prices rise; HSBC cuts rating, PT

Hindustan Petroleum

16/03/2026 06:44

Updates

** Indian oil marketing companies' (OMC) shares extend drop on rising oil prices as investor focus returned to threats facing Middle East oil facilities

** Hindustan Petroleum Corp HPCL.NS falls 4.2%, Indian Oil Corp IOC.NS sheds nearly 5%, BPCL BPCL.NS down 4.3%

** Indian OMC's have lost about 20% since the conflict between the US-Israel alliance and Iran began on February 28

** Higher oil prices weigh on the margins of OMCs

** HSBC Global Investment Research downgrades all three stocks to "hold" from "buy" citing higher crude prices pressuring earnings

 ** Lowers PT to 150 rupees for IOC from 180 rupees, 300 rupees from 370 rupees for BPCL and 290 rupees from 350 rupees for HPCL, respectively

 ** For FY26e, expect IOC, BPCL, and HPCL to have marketing losses to the tune of 150–170 billion rupees before inventory gains/impact - HSBC

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))