BPCL hits 52-week low on likely delay in divestment, soaring oil prices

Shares of Bharat Petroleum Corporation (BPCL) hit a 52-week low at Rs 356, down 3.5 per cent on the BSE in Tuesday’s intra-day trade on concerns around delay in divestment. The stock of the state-owned oil marketing company (OMC) fell below its previous low of Rs 356.80 touched on February 15, 2022. Moreover, the stock has corrected 29 per cent from its 52-week high of Rs 503 hit on September 14, 2021.

Thus far in the month of February, the stock has slipped 10 per cent on reports that the privatisation of India’s second-largest oil refiner may have been pushed back to the next fiscal year as no bidder visited the firm’s premises in the last quarter.