BPCL share price falls 5 per cent after declaring second interim dividend

Shares of Bharat Petroleum Corporation (BPCL) on Wednesday fell around 5 per cent as the Street was left disappointed by its second interim dividend.

The oil refiner on Tuesday announced that it will be paying an interim dividend of Rs 5 per share.

This fell short of market expectations of a payout of anywhere between Rs 30 and Rs 60 per share based on the proceeds from the sale of its stake in Numaligarh Refinery and the recent liquidiation of some of its treasury shares.

Earlier this month, BPCL had announced that it will exit Numaligarh Refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.