Bharat Petroleum Corporation Shares Fall 5% After First Round Of Bidding

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BPCL or Bharat Petroleum Corporation Limited shares dropped nearly 5 per cent on Tuesday, a day after the government said it received multiple bids for privatisation of the country’s second largest fuel retailer. Bharat Petroleum shares dropped by ₹ 20.35 – or 4.93 per cent – to ₹ 392.35 apiece on the BSE during Tuesday’s session, reversing direction after opening stronger at ₹ 415.95 compared to their previous close of ₹ 412.70.

Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received.

“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 Twitter.

The transaction advisors for the sale of government’s 52.98 per cent stake in Bharat Petroleum have reported receiving “multiple expressions of interest”, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said. “The transaction will move to the second stage after scrutiny by TA (transaction advisor),” he said.

At Friday’s closing price of ₹ 412.70, the government’s entire 52.98 per cent stake in Bharat Petroleum Corporation is worth ₹ 47,430 crore.

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