Shares of BPCL have fallen over 3 per cent on Tuesday and around 8-10 per cent since the start of the calendar year 2022.
Much of the decline was evidently because of the slow movement on its divestment process, which was expected to be concluded by the financial year ending March 2022.
Also, rising crude oil prices globally due to the ongoing geo-strategic conflict between Russia and Ukraine, also likely to have weighed on the investors sentiment, said analysts.
Global crude oil prices jumped to a seven-year high on Tuesday, according to reports.
And at the same time, fuel prices have been steady in India over the past three and a half months, which market participants worry may hit the company’s margins going ahead.
On Tuesday, its shares settled at Rs 355.20, down 3.7 per cent from the previous close.