BPCL share price slips 9% after stake-sale deadline is extended yet again
This is the fourth time that the deadline has been extended to accommodate delays due to the coronavirus outbreak. The latest deadline was to end on September 30.
September 30, 2020 / 03:11 PM IST
Bharat Petroleum Corporation (BPCL) shed over 9 percent intraday and was the biggest Nifty50 loser on September 30 after the government extended the deadline for selling a stake in the company the fourth time.
The government extended to November 16 the deadline for submission of expression of interest (EoI) for selling its stake in the company, Economic Times.
This is the fourth time the government has given more time to potential bidders, owing to the Covid-19 pandemic. The previous deadline was to end September 30.
"In view of further requests received from the interested bidders and the prevailing situation arising out of COVID-19 pandemic, the last date for submission of EoIs is further extended to 16th November, 2020 (by 5 pm )," the department of investment and public asset management said in a statement.
At 1442 hours, Bharat Petroleum Corporation was quoting at Rs 350.55, down Rs 35.65, or 9.23 percent on the BSE.
The share touched its 52-week high of Rs 549.70 and 52-week low of Rs 252.00 on November 21, 2019 and March 24, 2020, respectively.
It is trading 36.23 percent below its 52-week high and 39.11 percent above its 52-week low.