Indian Oil Corporation fell 4.11% to Rs 378.25 amid poor response from retail investors to the divestment of Government of India's up to 10% stake in the company through the stock exchanges mechanism.
Meanwhile, the S&P BSE Sensex fell 1,624.51 points or 5.94% at 25,741.56
On BSE, 21.74 lakh shares were traded in the counter as against average daily volume of 1.68 lakh shares in the past one quarter.
The stock hit a high of Rs 385.85 and a low of Rs 375 in intraday trade. The stock had hit a record high of Rs 465.40 on 24 July 2015. The stock had hit a 52-week low of Rs 307 on 13 February 2015.
The stock had underperformed the market over the past one month till 21 August 2015, sliding 10.03% compared with 2.9% fall in the Sensex. The stock, however, outperformed the market in past one quarter, gaining 13.27% as against Sensex's 1.59% decline.
The large-cap company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
Bids were received for a total of 28.74 crore shares for the Offer for Sale (OFS) of Government of India's (GoI) up to 10% stake in Indian Oil Corporation (IOCL) through the stock exchanges mechanism, as per data from BSE website. The OFS received strong response from the non-retail investors' category. But the response to the OFS from retail investors was muted. The retail investors portion got bids for 88.87 lakh as against 4.85 crore shares reserved for this category of investors. The non-retail investors portion got bids for 27.85 crore shares as against 19.42 crore shares reserved for this category of investors. The indicative price for the OFS was Rs 387 per share.
The OFS commenced at 9:15 IST and closed at 15:30 IST. The floor price for the OFS was fixed at Rs 387 per share. Retail investors will be allocated shares at a discount of 5% to the Cut-Off-Price entered by them.
IOCL's net profit surged 155.1% to Rs 6435.70 crore on 19.7% decline in total income to Rs 102141.77 crore in Q1 June 2015 over Q1 June 2014.
The Government of India (GoI) holds 68.57% stake in IOCL (as per the shareholding pattern as on 30 June 2015).
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