Hindustan Oil tanks 16% on delay in commencement of B-80 project
Shares of Hindustan Oil Exploration (HOEL) tanked 16 per cent to Rs 183.75 on the BSE in otherwise firm market on Friday, following the company’s update on the B-80 project. The company said there has been a delay in the commencement of production from the field due to operational issues.
At 12:09 pm; the stock was down 10 per cent at Rs 198, as compared to a 0.36 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped over four-fold with a combined 5.6 million equity shares having changed hands on the NSE and BSE. The stock had hit a 52-week high of Rs 245.15 on January 18, 2022.
