BPCL scales fresh 52-week high as Cabinet okays divestment, retreats later

Apart from BPCL, the Cabinet also approved divestment of its stake from Shipping Corp, THDC India, and NEEPCO, and most of its stake in Container Corporation of India (CONCOR).

Shares of Bharat Petroleum Corporation Limited (BPCL) slid over 2 per cent to Rs 531.20 on the BSE on Thursday after the Cabinet approved the strategic disinvestment of the government's entire 53.29 per cent stake in the firm. The stock opened almost a per cent higher to hit its fresh 52-week high level of Rs 549.70 before reversing its direction.

While announcing the decisions in a post-Cabinet meeting media briefing on Wednesday, Finance Minister Nirmala Sitharaman said privatisation of BPCL will be without the company’s equity shareholding of 61.65 per cent in Numaligarh Refinery in Assam. Numaligarh Refinery is the