Castrol India drops over 2 pct as promoter BP sells stake

Castrol India drops over 2 pct as promoter BP sells stake

19/05/2016 11:42

Shares of Castrol India fell over 2 per cent on Bombay Stock Exchange (BSE) after British Petroleum, the promoter of the company, sold 7 per cent stake in the company. The stake sale is worth Rs 2,000 crore or USD 287 million at Rs 355-Rs 385.5 a share.

The share sale took place on the bourses in six block deals with 7 per cent equity stake being sold for USD 191 million with BP holding the right to sell additional 3.5 per cent equity share for USD 96 million. Reacting to the news, shares of the company dropped 2.56 per cent to Rs 375.40 a piece on BSE. Shares of the company dipped 2.21 per cent to Rs 376.75 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 25,622.61, down 82 points, or 0.32 per cent at 11.30 hours.

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