BPCL Stock Falls 4% After It Gained Over 20% In the Last Month

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BPCL Stock Falls 4% After It Gained Over 20% In the Last Month
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Indian indices gave up a few of their early gains as the BSE Sensex is trading at 43,788 (up 0.34%) and the Nifty is trading at 12,825 (up 0.35%) on last look, after scaling record highs on opening. IT and FMCG stocks dragged down the markets with both indices trading lower by 0.34% and 0.15% respectively on the Nifty.

Bharat Petroleum (NS: BPCL ) Corporation Limited was also trading just over 4% lower as investors booked profits on reports that 3-4 companies had submitted expression of interest (EOI) letters to the government as it tries to divest its stake in the oil major. The last month saw BPCL stock zoom up by over 25% as the government aggressively pushed for diluting its stake. On Monday, November 16, Finance Minister N Sitharaman tweeted: “Strategic disinvestment of BPCL now moves to the second stage after multiple expressions of interest have been received.”

Multiple news reports say that Reliance Industries (NS: RELI ), Abu Dhabi National Oil Co (ADNOC), Rosneft, and Saudi Aramco (SE: 2222 ) have not bid for the stake. It is reported that Total, the French conglomerate, might join hands with Adani (NS: APSE ) to bid for the stake. Adani Enterprises (NS: ADEL ) and Adani Ports and Special Economic Zone Ltd Future were both trading up over 1% at the time of this report.

 

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