Oil’s new normal to be $80? Ambit downgrades HPCL, BPCL, IOC shares to ‘Sell’, slashes target price by up to 57%

Ambit Institutional Equities has downgraded HPCL, BPCL and IOC to ‘Sell’, citing sustained high crude prices and limited government support. It sees Brent crude stabilising around $80 to $100 per barrel, pressuring OMC margins, while favouring upstream and gas companies as beneficiaries of elevated energy prices and macro shifts.