BPCL, HPCL, Indian Oil shares get bearish calls from analysts despite falling crude oil prices. Here's why

Analysts remain bearish on Indian OMC stocks despite falling global crude prices. They anticipate unsustainable auto fuel marketing margins due to potential government excise duty hikes and risks from LPG under-recoveries. JM Financial has a 'Sell' rating on HPCL, IOCL, and a 'Hold' on BPCL.

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