IOCL, HPCL, BPCL tumble up to 9% on UBS downgrade amid crude surge; check targets

Indian Oil, HPCL, and BPCL stocks saw sharp declines on Monday. International brokerage UBS downgraded these companies citing concerns over rising crude oil prices and geopolitical tensions. This uncertainty impacts their earnings. UBS also revised target prices downwards for all three. The situation draws parallels with past oil market disruptions.