Castrol India drops after clarification

Castrol India lost 3.03% to Rs 350.60 at 10:24 IST on NSE after the company clarified that it is not aware of foreign promoter's plan to delist its equity shares from the stock exchanges.

Meanwhile, the CNX Nifty was up 4.75 points, or 0.06%, to 7,729.90

On NSE, so far 5.42 lakh shares were traded in the counter, compared with an average volume of 3.26 lakh shares in the past one quarter.

The stock hit a high of Rs 355 and low of Rs 345.50 so far during the day. The stock hit a 52-week high of Rs 365 on Wednesday, 2 July 2014. The stock hit a 52-week low of Rs 283.10 on 16 May 2014.

The stock had outperformed the market over the past one month till 2 July 2014, rising 22.64% compared with 4.68% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.37% as against Sensex's 14.59% rise.

The large-cap company has an equity capital of Rs 247.28 crore. Face value per share is Rs 5.

Shares of Castrol India had surged 9% to Rs 361.55 after hitting a 52-week high on reports that foreign promoter Castrol is exploring options to delist its India subsidiary Castrol India. Castrol holds 70.92% stake in the Castrol India (as per shareholding pattern as on 31 March 2014).

In clarification to the media report, Castrol India after market hours on Wednesday, 2 July 2014, said that the company is not aware of any current plans to delist its equity shares from the stock exchanges.

Castrol India's net profit fell 19.4% to Rs 100.20 crore on 3.3% increase in total income to Rs 832.60 crore in Q1 March 2014 over Q1 March 2013.

Castrol India manufactures and markets a range of automotive and industrial lubricants.

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