Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation (IOC), and other oil and gas stocks declined more than 3% on Tuesday after US President Donald Trump threatened India with high tariffs on buying Russian oil.
Trump said he would be “substantially raising” the tariff on Indian exports to the US over New Delhi’s purchases of Russian oil. He also accused India of profiting by reselling discounted Russian oil in global markets.
