Indian Oil Corporation’s shares ticked up 1.3% to ₹136 on the BSE after a short-lived viral rumor about a ‘No‑UPI Day’ in Indore drew attention. The stock had been on a 16.1% slide this year, signaling lingering sector‑wide caution.
The claim, circulating on social media, alleged that petrol pump owners in Madhya Pradesh would refuse UPI payments over ₹2,000 and observe a protest day on September 23, 2026. Indian Oil Corp posted a clarifying note on X, stating that no such restriction exists and that the message is false.
The company added that petroleum dealers’ associations routinely coordinate with ministry officials and have historically championed digital payments, contradicting the rumor’s narrative. The statement aimed to allay concerns among retail investors who had seen a brief uptick in trading volume.
Looking ahead, Indian Oil Corp’s next earnings report is slated for October 31. Analysts will be watching whether the company revises its guidance amid volatile oil prices and the impending UPI merchant discount rules effective October 15. Investors will also gauge the broader oil & gas sector’s response to regulatory changes and global supply dynamics.