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Against that, the stock is -1.5% on the day at ₹296.10, and has returned -5.8% over three months. It sits 24% below its 52-week high. The oil & energy sector has moved +1.0% over the same period, so Bharat Petroleum is running 6.8 points behind its peers.

This is an Input cost / crude event. India imports most of its crude, so input costs pass through to margins downstream and to the rupee. Producers and consumers of the same input move in opposite directions. On the day the stock is -1.5%, so a modest reaction.

For Bharat Petroleum, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.