Indian Oil Corporation lost 2.54% to Rs 258.95 at 11:54 IST on BSE, with the stock extending 3-day 5.83% slide triggered by the government issuing an advertisement for appointing merchant bankers for divestment of 10% stake in the company.
Meanwhile, the S&P BSE Sensex was down 301.50 points or 1.55% at 19,139.57.
On BSE, 36,000 shares were traded in the counter as against average daily volume of 71,645 shares in the past one quarter.
The stock hit a high of Rs 268.95 and a low of Rs 258.95 so far during the day. The stock had hit a 52-week low of Rs 239 on 19 June 2012. The stock hit a 52-week high of Rs 375 on 18 January 2013.
The stock had underperformed the market over the past one month till 10 June 2013, declining 13.04% compared with the Sensex's 3.19% slide. The scrip had also underperformed the market in past one quarter, falling 14.87% as against Sensex's 1.23% slide.
The large-cap state-run oil refining cum marketing company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
Shares of Indian Oil Corporation (IOC) have fallen 8.22% in four trading sessions from Rs 282.15 on 5 June 2013, after the government issued an advertisement for appointing merchant bankers for divesting its 10% stake in IOC. The government intends to divest 10% stake in IOC through an Offer for Sale (OFS) via the stock exchanges mechanism. The government currently holds 78.92% stake in IOC.
IOC's net profit rose 14.5% to Rs 14512.81 crore on 10.2% growth in net sales to Rs 128449.69 crore in Q4 March 2013 over Q4 March 2012.
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