Beaten-up oil shares could stay down on investors' fears

摘要

India's oil stocks took a massive hit and will probably take sometime to recover after last month's shock election to power of a left-leaning Congress Party-led government over the pro-business incumbent.The share prices of the big names - ONGC,GAIL,Bharat Petroleum (BPCL),Hindustan Petroleum (HPCL),Indian Oil Corp (IOC) and IBP - fell further from their January record highs as the administration of Prime Minister Manmohan Singh will slow down or even halt the privatisation of state companies,in particular,those from the oil sector.