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Last Updated : Nov 21, 2019 01:40 PM IST | Source: Moneycontrol.com

SCI, BPCL shares fall up to 5% after Cabinet's nod for their sale

Finance Minister Nirmala Sitharaman on November 20 said the Cabinet has given the in-principle approval for disinvestment in select CPSEs.

 
 
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Shares of Shipping Corporation of India (SCI) fell 5 percent while those of Bharat Petroleum Corporation (BPCL) fell 3 percent on BSE on November 21, a day after the Cabinet gave the in-principle approval for disinvestment in select central public sector enterprises (CPSEs).

Shares of Container Corporation of India (Concor) climbed 5 percent but erased gains to trade flat.

Finance Minister Nirmala Sitharaman on November 20 said the Cabinet has given the in-principle approval for disinvestment in select CPSEs.

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This includes the government's stake of 53.2 percent Bharat Petroleum Corporation Limited (BPCL). This is excluding BPCL’s equity shareholding in Numalighar Refinery, based in Assam.

The in-principle approval has also been granted for the government's 63.75 percent in Shipping Corporation of India, 30.8 percent of Container Corporation of India, to a strategic buyer.

Further, 74.23 percent of THDC and 100 percent in North Eastern Electric Power Corporation Limited (NEEPCO) will be sold to NTPC.

Sitharaman also said that the management control of these respective companies will be handed over to the strategic buyer.

Read more: Here are key takeways from FM Nirmala Sitharaman's press conference

Shares of Shipping Corporation of India were 4 percent down at Rs 65.60, while those of BPCL were 2.41 percent down at Rs 531.50 and those of Concor were 0.32 percent down at Rs 576.15 on BSE around 13:30 hours IST.

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First Published on Nov 21, 2019 01:40 pm
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