Essar Oil shares fall on stake sale speculations

Essar Oil shares plunged around 5 per cent in morning trade on Tuesday after the company informed the Bombay Stock Exchange that there is no information regarding the promoters plan to sell 51 per cent stake. However, it pared some of its losses and closed down by 2 per cent at Rs 143.45.

Earlier, there was news that the Ruias of the Essar group are set to sell around 50 per cent stake in Essar Oil to Russian oil and gas giant Rosneft for about Rs 10,500 crore.

In a filing to the BSE, the company said: "We would like to clarify that as on date there is no event, information or development in the company which is required to be submitted as per clause 36 of the listing agreement."