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.
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.