Mumbai: Stocks of major oil public sector units (PSUs), especially Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), experienced heavy selling at the outset on all the bourses on September 16, soon after the Supreme Court verdict restraining government from disinvesting oil sector companies without Parliament approval.

The Bombay Stocks Exchange (BSE) sensitive index was down by nearly 60 points at 4,134.69 points after 45 minutes of trading, but recovered later only to minimise the losses.

Marketmen said major players including Foreign Institutional Investors (FIIs) pressed massive selling after the Supreme Court ruling that government cannot go ahead with disinvestment of HPCL and BPCL without Parliamentary legislation.

They said shares of oil sector majors HPCL and BPCL faced all-round selling from all sectors and lost a significant ground.

HPCL stocks dwindled by Rs 53.45, or 13 per cent at Rs 336.90 at BSE while at National Stock Exchange (NSE) they lost Rs 55, or 14 per cent at Rs 336.40. Similarly, BPCL shares quoted down by Rs 46.05 at Rs 284.50 on NSE and Rs 45.35 at Rs 284.90 on BSE.

Indian Oil Corporation (IOC) stocks plunged by Rs 23.10, or almost 6 per cent at Rs 355 and ONGC was trading at Rs 578, down by Rs 16. MRPL was down by Rs 1.85 at Rs 34.55.

Chennai Petro declined to Rs 68, down by Rs 1.65 while Kochi Refinery was at Rs 149.85, down by Rs 4.30. Bongaigaon Refinery was ruling at Rs 66.20 losing Rs 2.15.

PTI