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Last Updated : Sep 25, 2020 12:51 PM IST | Source: Moneycontrol.com

BPCL share price slips 3% on reports of delay in govt's stake sale

The share touched a 52-week high Rs 549.70 and a 52-week low Rs 252.00 on 21 November 2019 and 24 March 2020, respectively.

 
 
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Oil marketing company Bharat Petroleum Corporation's (BPCL) share price slipped 3 percent intraday on September 25 after a report indicated that government's stake sale of the company may get delayed.

The efforts to privatise refiner BPCL could spill over into the next fiscal year, according to a government document and sources, hurting New Delhi's efforts to rein in a ballooning fiscal deficit, said Reuters.

With India's economy contracting by a record 23.9 percent in the June quarter due to COVID-19, a delayed sale of BPCL could hinder the government's ability to generate funds for stimulus efforts aimed at restoring growth, it added.

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New Delhi's plan to sell its stake in BPCL was first announced in November 2019, and is part of a broader program to spin-off or sell stakes in dozens of state-owned companies.

Also Read - BPCL sale may be delayed to next fiscal year, worsening federal deficit woes: Sources

The sale has been targeted for completion in the current fiscal year by March-end, but the deadline for initial expressions of interest was pushed by two months due to pandemic-related movement restrictions that have prevented potential buyers from inspecting the facility.

At 12:28 hrs, Bharat Petroleum Corporation was quoting at Rs 371.35, down Rs 5.90, or 1.56 percent on the BSE.

The share touched a 52-week high Rs 549.70 and a 52-week low Rs 252.00 on 21 November 2019 and 24 March 2020, respectively.

Currently, it is trading 32.44 percent below its 52-week high and 47.36 percent above its 52-week low.

(With inputs from Reuters)
First Published on Sep 25, 2020 12:50 pm
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