SP Tulsian bearish on oil marketing companies

SP Tulsian of sptulsian.com told CNBC-TV18, “I continue to maintain my bearish view because as I expressed earlier, I don’t see any logic. If you have the intention to have the breakeven on petrol and may be in due course of time breakeven on diesel and to look upon the subsidy or the contribution from the government on the cooking fuel, what is the logic? The companies are not listed on the bourses for just breaking even on the product sale and I don’t see any logic by the government. Sometimes I get baffled when they see the BHEL, Steel Authority of India (SAIL) or may be the IOC kind of stocks putting up for disinvestment. One can understand the logic of dilution of stake in Coal India, but I don’t see meaning of diluting stake in companies like IOC and I won’t be interested because I am not keeping the positive view on all three oil marketing companies.