HPCL slips 2.5% on Antique downgrade report

State-controlled oil retailer Hindustan Petroleum Corporation (HPCL) plummeted 2.5 percent to Rs 320.60 on Tuesday on Bombay Stock Exchange after the research firm Antique has downgraded the stock to a sell rating with a target price of Rs 287.

"Oil marketing companies' shares prices have already run up significantly on hopes that the government will decontrol diesel, but HPCL is likely to report losses in financial year 2012-13 due to poor refining margins, forex losses and increasing interest costs," the firm reasoned.

HPCL had rallied more than 13 percent in previous four consecutive sessions on hopes of hike in diesel price.

Recently media reports had suggested that the oil ministry moved two separate cabinet notes - one to raise cap on supply of subsidised cooking gas cylinders and the other to increase fuel prices, particularly diesel, by less than a rupee per month to pair it with market rates and eventually deregulate it in next 15 months.

At 12:44 hours IST, Bharat Petroleum Corporation was down 1.47 percent to Rs 380 while Indian Oil Corporation declined 0.55 percent to Rs 280.95.

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