•HPCL shares fell nearly 6%, nearing their 52-week low, as rising crude oil prices pressure India's state-run oil refiners.
•Other OMCs like BPCL and Indian Oil Corporation also saw losses between 3% and 4%.
•Crude oil prices rebounded after attacks on energy infrastructure in Israel and Iran, with Brent crude near $113 and US crude near $100 per barrel.
•Kotak Institutional Equities raised oil price assumptions and cut price targets for IOC, BPCL, and HPCL, maintaining a "sell" recommendation due to OMCs absorbing higher costs without retail pricing freedom.
•JPMorgan noted that a $1 per barrel change in average oil prices could impact OMCs' EBITDA by 7% for FY27.
