Option 1 -> Includes (C) Indian Oil Corporation Limited, which IS a Maharatna, so this is incorrect.
Option 2 -> Includes (C) Indian Oil Corporation Limited, which IS a Maharatna, so this is incorrect.
Option 3 -> Lists (A) BSNL (Miniratna), (B) AAI (Miniratna), and (D) HAL (Navratna) - all three are NOT Maharatnas.
Option 4 -> Includes (C) Indian Oil Corporation Limited, which IS a Maharatna, so this is incorrect.
Hence, Option 3: (A), (B) and (D) only -> BSNL and HAL hold Navratna status, while Airport Authority of India is a Miniratna. Indian Oil Corporation Limited (C) is indeed a Maharatna company, which is why it's excluded from this list. As of now, India has only a limited number of Maharatna CPSEs (including IOCL, ONGC, NTPC, Coal India, GAIL, SAIL, and BHEL among others) -> correct