BPCL Shares Slip 6% As BPCL Trust To Divest Stake In BPCL

BPCL shares in otherwise strong market traded weak by over 4 percent at Rs. 447.85 per share and hit the day's low of Rs. 438.10. The stock is also the top Nifty loser in today's trade.

BPCL Shares Slip 6% As BPCL Trust To Divest Stake In BPCL

This is as the BPCL Trust for Investment in Shares (BPCL Trust) is likely to divest 4 percent or up to 8.68 crore shares in state owned oil marketing company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal, suggested various media reports.

As per bankers the company has fixed the floor price of Rs. 435 per share, a 6.8 per cent discount to Monday's closing price of Rs 467.

Also, the divestment process of BPCL has begun with the stake sale of Numaligarh Refinery (NRL) to a consortium headed by Oil India (OIL).

The stock of BPCL was last trading at a loss of 3.96% at Rs. 448.20 per share.

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