Bharat Petroleum shares decline over 4%

Bharat Petroleum shares decline over 4%

Government said it has received 'multiple' bids for buying out its stake in BPCL

Representative Image. Credit: Getty Images

Shares of Bharat Petroleum Corporation Ltd (BPCL) dropped over 4 per cent on Tuesday, a day after the government received multiple expressions of interest for stake purchase in the company while super majors did not put in any initial bids.

On Monday, the government said it has received 'multiple' bids for buying out its stake in BPCL but Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not participate.

The stock fell 4.42 per cent to close at Rs 394.45 on BSE. In terms of volume, 7.54 lakh shares were traded on the exchange. On NSE, it declined 4.25 per cent to close the day at Rs 395.30 and more than 2 crore shares were traded.

On Tuesday, the 30-share benchmark BSE Sensex settled 314.73 points or 0.72 per cent higher at its new closing record of 43,952.71.

"Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received," Finance Minister Nirmala Sitharaman said on Monday.

BPCL is India's second-largest oil marketing company with a standalone domestic sales volume of over 43.10 million tonnes and a market share of 22 per cent during FY20. It is India's 6th largest company by turnover.