BPCL delay throttles selloff ambitions
The Centre’s decision to extend the deadline for the BPCL selloff has put a question mark on the Narendra Modi government’s ability to achieve the ambitious disinvestment target of Rs 2.10 lakh crore set for the current fiscal.
The BPCL stock plunged 7.63 per cent to Rs 419.10 on the BSE on Thursday after the last date to accept expressions of interest (EoIs) for the sale of the government’s 52.98 per cent stake in PSU got extended by two months to September 30.
Finance minister Nirmala Sitharaman in her budget had said the government plans to garner Rs 1,20,000 crore from selloffs in PSUs and another Rs 90,000 crore from the sale of stakes in banks and financial institutions.
