Stock market analyst Hitendra Vasudeo of stockmechanics. com has maintained 'Sell' rating on Indian Oil Corporation (IOC) stock to achieve a target between Rs 521-Rs 500.

The investors are advised to sell the stock in order to avoid loss, as there are full chances of a downward trend in this stock.

If the stock fell below Rs 495, it may see more weakness.

According to Mr. Vasudeo, investors can sell the stock around Rs 533.90-Rs 541.30 with a strict stop loss of Rs 547.

After selling the stock in today's session, the interested investors can enter the stock again, but only on declines.

Today, the shares of the company opened at Rs 532 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 24.74 & 21.43 respectively. The share price has seen a 52-week high of Rs 662 and a low of Rs 299 on BSE.

Indian Oil Corporation Ltd, on July 01, said that it would invest more than Rs 600 billion to increase its annual refining capacity to 80 million tons by 2011-12.

IOC said that it is also making an investment of Rs 297.77 billion in establishing a new refinery with an annual capacity of 15 million tons at Paradip in Orissa.

Moreover, Panipat refinery capacity is being upgraded from 12 to 15 million tons annually at an investment of Rs 10.078 billion.

Another Rs 11.31 billion is being invested on a project to perk up the quality of petrol at Panipat refinery.

ONGC Videsh and its associates Indian Oil Corporation and Oil India, in June 2009, announced that they have planned an investment of around $5 billion in bringing to production a huge gas field they found in offshore Iran, by the next 3-4 years.