New Delhi, March 27 -- Shares of oil marketing companies (OMCs) reversed morning gains to trade in the red in the morning session on Friday, March 27, as the elevated crude oil prices outweighed the excise duty cut announced by the government earlier today.

PSU oil stocks, namely Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), traded up to 2% lower at the time of writing this report.

All three OMC stocks had gained in the opening deals after the government slashed excise duty on petrol to Rs.3 a litre and exempted diesel, as it looks to neutralise the losses for these PSU companies from surging crude oil prices without raising retail prices.

BPCL shares had e...