The Centre suspects that Bharat Petroleum Corp. Ltd’s (BPCL’s) share price is being manipulated as it prepares to divest its controlling stake in the state-run firm, said two government officials.
The concerns over stock price manipulation of India’s second-largest fuel retailer have been discussed within the government, considering that its privatization is a key milestone in the Centre’s ₹2.1 trillion divestment target for 2020-21. “Someone is playing the market to keep BPCL’s share price down. This concern has been discussed within the government,” one of the officials said, requesting anonymity.
The BPCL stock has underperformed benchmarks despite markets hitting new highs. However, stocks of some other state-run companies have also been underperforming the broader markets.
