Bharat Petroleum, Indian Oil shares fall up to 4% on GAIL India stake buy buzz
State-owned IOC and BPCL may buy 26 percent stake each in GAIL India Ltd, paying the government over Rs 20,000 crore each to become integrated energy firms
New Delhi: Shares of Bharat Petroleum Corp Ltd (BPCL) and Indian Oil Corp (IOC) declined up to 4 percent on Monday following reports that the state-owned firms may buy 26 percent stake each in gas utility GAIL India Ltd.
BPCL shares plunged 4.01 percent to end at Rs 429.50 on BSE. During the day, it dropped 4.33 percent to Rs 428.05. Shares of IOC fell by 3.71 percent to end at Rs 177.80. Intra-day, it lost 4.68 percent to Rs 176 -- its 52-week low. GAIL's scrip ended flat at Rs 442.05, up 0.27 percent.
State-owned IOC and BPCL may buy 26 percent stake each in GAIL India Ltd, paying the government over Rs 20,000 crore each to become integrated energy firms.
Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89 percent stake in India's biggest gas marketing and transportation firm, GAIL.
A top source said since the government is not looking at actual merger of oil companies but only transfer of its ownership to a cash rich PSU, the best option would be to split the 54.89 percent holding in GAIL equally between IOC and BPCL.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Among the things to be reviewed are the number of officials scheduled to be present at Tokyo 2020, welcoming ceremonies for athletes and various costs at venues, athletes' villages, training facilities and the international press centre.
Iran executes wrestler Navid Afkari for murder during 2018 protests; IOC expresses shock at decision
Reports published abroad say Afkari was convicted on the basis of confessions aired on television after being extracted under torture, prompting online campaigns for his release.
Beijing is to host the 2022 Winter Olympics with rumblings of a boycott and calls to move the Games because of alleged human rights violations.