HPCL shares down 4% on buzz of ONGC acquiring it

HPCL stock price fell by almost 4 per cent today following reports that ONGC may acquire the fuel retailer for about Rs 44,000 crore (USD 6.6 billion).
The stock went down by 3.91 per cent to end at Rs 537.80 on BSE. During the day, it dipped 5 per cent to Rs 531.20.
On NSE, it declined 3.92 per cent to close at Rs 537.75.
The company's market valuation went down by Rs 2,223.88 crore to Rs 54,634.12 crore.
On the volume front, 6.28 lakh shares of the company were traded on BSE and over 84 lakh shares changed hands at NSE during the day.

ONGC's scrip also ended the day with a loss of 0.54 per cent at Rs 193.40.

State-owned Oil and Natural Gas Corporation (ONGC) may acquire India's third-biggest fuel retailer HPCL in an about Rs 44,000 crore deal as part of the government's plan to create an integrated oil giant.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd (HPCL).
This will have to be followed by an open offer to acquire additional 26 per cent from other shareholders of HPCL.

"The government is looking at creating an integrated oil company and the idea is to merge an oil producer with a refiner," a top source said yesterday.