Essar Oil shares reverse early gains; slip over 1%

Essar Oil's scrip reversed early gains and ended over 1 per cent lower today as the company received approvals from National Stock Exchange (NSE) and BSE to delist its shares.
The company's stock ended the day 1.17 per cent lower at Rs 189.80 on the BSE. During the day, it lost 1.58 per cent to Rs 189.
The stock erased its early gains of 3.69 per cent on emergence of profit-taking.
At the NSE, shares of the company were down 1 per cent to end at Rs 189.55.
Essar Oil has received approvals from NSE and BSE to delist its shares, company Managing Director & CEO L K Gupta said yesterday.

Delisting the company would give promoter Ruia brothers - Shashikant and Ravikant - greater flexibility and less regulatory scrutiny while selling a stake in the refiner.

"NSE and BSE approval have now been received. The promoters will now have to make announcement and reverse book building start," he told PTI.
The entire process to delist shares may take up to 2 months, he said.
Essar Oil, India's second largest private refiner, yesterday reported its highest ever quarterly profit of Rs 1,063 crore in April-June when strong refinery margins boosted earnings by 54 per cent.