Gulf Oil Corp up 2.4% after COMPAT reduces penalty amount

Gulf Oil Corporation gained more than two percent on Monday after Competition Appellate Tribunal (COMPAT) reduced penalty amount to 10 percent of Rs 29 crore imposed by Competition Commission of India (CCI).

"The COMPAT has issued a final order in the Appeal on April 18, 2013 and decided reduction of the penalty to Rs 2.89 crore as against the penalty of Rs 28.95 crores imposed by the CCI," the company said in a release.

The company had appealed to the COMPAT against the order of the CCI. 
 
At 13:52 hours IST, the stock was up 2.43 percent to Rs 65.25 amid large volumes on Bombay Stock Exchange.

Trading volumes increased 3.5 times to 81,358 equity shares as against five-day average of 23,555 shares. Market capitalisation of the company currently stands at Rs 646.92 crore.