Oil India slips over 4% in two sessions

Oil India fell 2.27% to Rs 418.10 at 13:43 IST on BSE, extending yesterday's 2.08% fall triggered by the company's weak Q2 September 2016 results.

The result was announced during trading hours yesterday, 28 November 2016. Shares of Oil India fell 2.08% to Rs 427.80. The stock has fallen 4.30% in two trading sessions from its close of Rs 436.90 on 25 November 2016.

Meanwhile, the BSE Sensex was up 193.05 points, or 0.73%, to 26,543.22.

On BSE, so far 61,000 shares were traded in the counter, compared with average daily volume of 74,282 shares in the past one quarter. The stock hit a high of Rs 427.15 and a low of Rs 418.05 so far during the day. The stock hit a 52-week high of Rs 446 on 24 November 2016. The stock hit a 52-week low of Rs 300.50 on 1 March 2016. The stock had outperformed the market over the past 30 days till 28 November 2016, rising 2.58% compared with the 5.66% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.10% as against Sensex's 7.03% decline.

The large-cap company has equity capital of Rs 601.14 crore. Face value per share is Rs 10.

Oil India's net profit of declined 17.8% to Rs 580.27 crore on 6.5% decline in net sales to Rs 2242.72 crore in Q2 September 2016 over Q2 September 2015.

Meanwhile, the company said in a separate announcement yesterday, 28 November 2016, that its board recommended issuing one bonus equity share for every three existing fully paid up equity share (1:3). The proposal is subject to approval of the shareholders.

The Government of India held 67.64% stake in Oil India as per the shareholding pattern as on 30 September 2016.

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