BPCL stake sale may not happen this fiscal

MUMBAI: The government’s plan to sell its stake in Bharat Petroleum Corporation Ltd may not happen this fiscal, thanks to the adverse impact of coronavirus outbreak on businesses and a record slump in global crude oil prices, according to officials aware of the discussions.

The spread of the virus to more than 210 countries has brought world economy to a standstill, with the International Monetary Fund (IMF) projecting global growth to fall to -3% this year. Over 195,000 people have died of the virus so far.

Added to this is the global slump in crude oil prices which has dealt a blow to valuation of companies.