BPCL hits new low

BPCL is attracting a lot of attention today, the selling kind. The stock opened lower at Rs.360 and went down further to hit a new 52-week low at Rs.349.40.

The stock price slipped down over concerns that its privatisation might have been pushed back to the next fiscal year as no bidder visited the firm's premises in the last quarter.

The Govt is looking at offloading its entire 52.98% stake and till date has received only three bids - Vedanta, Apollo Global Management and Think Gas.

Along with its 19,000 plus retail outlets, BPCL operates three refineries in India: Mumbai Refinery, Kochi Refinery and Bina Refinery. The government would likely want a premium over the current market valuation for its stake in BPCL.