MUMBAI: Despite a hike in retail fuel prices for petrol and diesel, stocks of oil marketing companies (OMCs) were deep in the red as market players said the price hike was not enough to offset daily losses these companies are incurring. Reports from Crisil and ICRA indicated that more price hikes are expected. Among the sector leaders, Indian Oil closed 4.1% down while BPCL was down 3.6%, HPCL lost 2.9% and Reliance Industries closed 1.9% lower. As a result, BSE’s oil & gas index closed 1.8% lower.Sensex dropped 161 points to settle at 75,238, after swinging between gains and losses during the session. The decision to raise petrol and diesel prices marked a meaningful, if partial, step towards unwinding one of the more prolonged under-recovery cycles in recent memory, a report by Crisil Intelligence said. “At their peak (OMCs) were absorbing losses of Rs 23-30 per litre on petrol and diesel, translating to a combined daily loss of Rs 1,300-1,400 crore across petrol, diesel, and LPG.”

The Delhi government on Saturday announced its decision to reduce the Value Added Tax (VAT) on Aviation Turbine Fuel (ATF).According to the the chief minister’s office Value Added Tax (VAT) on Aviation Turbine Fuel (ATF) from 25 per cent to 7 per cent, according to the chief minister’s office, as quoted by ANI, claiming it to be a move to to benefit airlines, passengers.“Delhi government has decided to reduce the value-added tax (VAT) on aviation turbine fuel (ATF) from the existing 25 per cent to 7 per cent, a move which is likely to benefit the airlines and common passengers,” the official statement said.This comes a day after Maharashtra reduced Value Added Tax (VAT) on Aviation Turbine Fuel (ATF) to 7 per cent from 18 per cent for six months, effective May 15, to ease fuel costs for airlines amid high global crude prices and West Asia-related disruptions.ATF, which accounts for nearly 30–40 per cent of airline operating costs, has come under sustained price pressure due to geopolitical tensions, supply chain disruptions, and volatility in global crude oil markets, particularly amid Middle East conflicts and periodic airspace restrictions. The elevated fuel costs have significantly impacted airline balance sheets, forcing carriers to adjust fares, especially on high-demand domestic routes.The recent policy move is said to to provide some cost relief to airlines, improve operational viability, and help moderate ticket prices during peak summer travel demand. It is also likely to support route expansion and capacity planning by reducing variable input costs, thereby strengthening overall aviation connectivity and reinforcing India’s key airport hubs, including Mumbai and Delhi, in a highly competitive aviation environment.

Tesla has increased prices of its Model Y variants in the United States, according to updates on the company’s website, Reuters reported.The electric vehicle maker raised the price of the Model Y Premium All-Wheel Drive and Model Y Premium Rear-Wheel Drive variants by $1,000 each to $49,990 and $45,990, respectively.Tesla also increased the price of the Model Y Performance All-Wheel Drive variant by $500, taking its price to $57,990 in the US market, the website showed.

BlackRock has held discussions to invest between $5 billion and $10 billion in SpaceX’s planned initial public offering next month, Reuters reported citing news outlet The Information on Saturday.Bloomberg News reported on Friday that a majority of SpaceX shareholders have approved a 5-for-1 stock split recommended by the company’s board. According to the report, shareholders of IPO-bound SpaceX were informed through email that the stock’s fair market value had been adjusted to $105.32 per share from $526.59 following the split. The report said the stock split will be processed during the week of May 18 and is expected to be completed by May 22. The development comes as Elon Musk’s rocket and satellite maker prepares for one of the most closely watched public listings in recent years. Reuters reported on Friday that SpaceX is targeting a stock market debut as early as June 12 and has selected Nasdaq as the venue for its proposed listing, citing people familiar with the matter. Set to trade under the ticker symbol “SPCX”, the company is aiming to make its prospectus public as early as next week, with a roadshow expected to begin around June 4 and share sales potentially starting from June 11, according to Reuters. The company is likely to seek to raise about $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest stock market flotation of all time. The planned valuation would mark a sharp increase from the $1.25 trillion combined valuation established when SpaceX merged with Musk’s artificial intelligence startup xAI in February. The listing is also expected to be a key test for the IPO market, which has been recovering after prolonged volatility linked to US tariff policy and broader geopolitical uncertainties. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are serving as lead bookrunners for the offering.