BPCL declines 5% amid profit booking after govt receives EoI for divestment
Shares of Bharat Petroleum Corporation Limited (BPCL) declined 5 per cent on the BSE in the intra-day trade on Tuesday as investors booked profit on report that at least three to four companies have submitted expressions of interest (EoIs) to the government for its stake sale in the company.
In the past one month, stock of the state-owned oil marketing company outperformed the market by surging 27 per cent as compared to a 10 per cent gain in the S&P BSE Sensex till Saturday, November 14.
According to a Business Standard report, neither Reliance Industries nor its partner Saudi Aramco put in a bid to pick the government’s stake. Russian state-owned Rosneft, which part owns Nayara Energy, the promoter of erstwhile Essar Oil refinery at Vadinar, is also believed to have kept out of the race, the report suggested.
