US-Iran war: HPCL struggles to secure tankers to transport oil from the Strait of Hormuz | Here's what the chairman said

Against that, the stock is +1.9% on the day at ₹387.15, and has returned -2.0% over three months. It sits 22% below its 52-week high. The oil & energy sector has moved -2.2% over the same period, so Hindustan Petroleum is running 0.2 points ahead of 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 +1.9%, so a modest reaction.

For Hindustan 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.