Essar Oil fell 3.02% to Rs 86.80 at 15:05 IST on BSE on profit booking after the stock surged 52.47% in the preceding 14 trading sessions to Rs 89.50 on 21 May 2014, from a recent low of Rs 58.70 on 30 April 2014.
Meanwhile, the BSE Sensex was up 77.38 points, or 0.32%, to 24,375.40.
On BSE, so far 15.43 lakh shares were traded in the counter, compared with an average volume of 8.80 lakh shares in the past one quarter.
The stock hit a high of Rs 90.35 and a low of Rs 85.15 so far during the day. The stock hit a 52-week high of Rs 92.15 on 21 May 2014. The stock hit a 52-week low of Rs 44.50 on 31 January 2014.
The stock had outperformed the market over the past one month till 21 May 2014, rising 44.94% compared with 6.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, soaring 75.15% as against Sensex's 17.38% rise.
The large-cap company has an equity capital of Rs 1511.44 crore. Face value per share is Rs 10.
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Essar Oil's net profit surged 404.6% to Rs 1008 crore on 7.5% rise in gross revenue to Rs 27691 crore in Q4 March 2014 over Q4 March 2013.
The result was announced after market hours on Tuesday, 20 May 2014. Shares of Essar Oil surged 15.34% to Rs 89.50 on Wednesday, 21 May 2014.
Essar Oil after trading hours on Wednesday, 21 May 2014, said that the company has not received any communication/proposal from its promoters of their intension to delist the equity shares of the company. The company issued this clarification after media reports on Wednesday, 21 May 2014, stated that the Essar Group plans to delist Essar Oil, Essar Ports and Essar Shipping from the stock exchanges.
Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail. Essar Oil owns India's second largest single site refinery having a capacity of 20 MMTPA and complexity of 11.8, which is amongst the highest globally. It has a portfolio of onshore and offshore oil & gas blocks with about 1.7 billion barrels of oil equivalent in reserves & resources. There are more than 1,600 Essar-branded oil retail outlets in various parts of India.
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