BPCL tumbles after block deals

Bharat Petroleum Corporation (BPCL) slipped 2.93% to Rs 453.30 amid strong volumes.

On the BSE, 80.62 lakh shares were traded in the counter so far compared with average daily volumes of 8.90 lakh shares in the past two weeks.

On NSE, 88.96 lakh shares were traded on the counter so far compared to average daily volume of 92.32 lakh in the past one quarter.

The media reported that BPCL has sold its Treasury shares through block deal and has raised nearly Rs 7,000 crore.

BPCL in a regulatory filing on Monday said, "A sub-committee of the Board of Directors of BPCL has approved the sale of BPCL equity shares which are held by the BPCL Trust for Investment in shares through accelerated book built offering of equity shares on the screen based trading platform of the stock exchanges. The total number of equity shares being offered is upto 15,89,93,397 equity shares held by the above trust."

BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India holds 52.98% stake in BPCL as of 31 December 2020. Its net profit surged 120.3% to Rs 2,777.62 crore on 10.7% decline in net sales to Rs 66,731.39 crore in Q3 FY21 over Q3 FY20.

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