22/4/2025, 11:10:04 am

BPCL, HPCL, Indian Oil shares get bearish calls from analysts

IOC, HPCL, BPCL shares face bearish views despite lower crude prices, as analysts warn high auto-fuel margins may not sustain due to potential excise duty hikes or fuel price cuts. Risks include LPG under-recoveries, reduced Russian crude discounts, and aggressive capex plans. JM Financial has 'Sell' ratings on HPCL and IOC, and 'Hold' on BPCL, citing valuation stretches.