The share price of India's second-biggest oil refiner Bharat Petroleum Corp fell almost 10% on Wednesday after the government extended the deadline for submission of expression of interest (EoI) for stake sale in the company to November 16, 2020.
The Cabinet, for the fourth time, extended bid deadline for the privatisation of BPCL by one and a half months to November 16 from earlier EoI submission deadline of September 30.
The government's has given more time to potential bidders in BPCL for entire 52.98% stake sale, owing to the Covid-19 pandemic.
Following the news, the share price of the country's second-biggest state oil refiner fell 9.63% to the day's low of Rs 394.4 on the BSE against the previous closing value of Rs 386.20. BPCL stock price has traded in a wide range of Rs 45.4 today, amid high volatility.
BPCL's share price has fallen after 2 days of consecutive gain. The share value has fallen over 9% in a week's period, 14% in one month and 28% since the beginning of the year.
BPCL stock price trades lower than 5, 20, 50, 100 and 200-day moving averages. Firm's market capitalisation stood at Rs 83,451 crore as of today's session.
BPCL shares have touched a 52-week high of Rs 549.70 on 21 November 2019 and a 52-week low of Rs 252 on 24 March 2020, respectively.
"In view of further requests received from the interested bidders and the prevailing situation arising out of Covid-19 pandemic, the last date for submission of EoIs (Expression of Interest) is further extended to 16th November," the Department of Investment and Public Asset Management (DIPAM) said in a statement.
BPCL shares closed 8.60% or 33.20 points lower at Rs 353.00 on the BSE today.