News from BPCL was not good. In a TV interview with a business channel, Vedanta Group’s Chairman Anil Agarwal said the government had called off the divestment and will come back with a different strategy.
This is a big setback for the investors in the stock as they had taken position, banking on the privatization happening soon. Now with talks of going back to the drawing board, they are in a scramble to get out.
This has led to the stock opening weak today at Rs.380.05 and going down to an intraday low at Rs.368.75, a fall of over 6%. Its 52-week low is at Rs.331.