Barring shares of Reliance Industries Ltd, stocks of other listed oil companies in India have lagged the markets so far in 2018. State-run oil companies were bogged down by regulatory risks. Oil marketing companies (OMCs), for instance, bore the brunt of the government asking them to sacrifice a portion of their marketing margins in early October. Since then, OMCs’ valuations have dropped meaningfully. OMCs are Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd.