NEW DELHI (Reuters) - The cabinet on Thursday approved a proposal to divest 10 percent of the government's stake in state refiner Indian Oil Corp Ltd , Information and Broadcasting Manish Tewari told reporters.
The 10 percent stake is valued at $786 million as per Indian Oil's current market price. The divestment is part of New Delhi's plan to raise 400 billion rupees through stake sales in the current fiscal year ending March 2014.
Shares in Indian Oil, the country's biggest refiner, ended down 4.6 percent before the announcement at 195.55 rupees.
($1 = 60.4 Indian rupees)
(Reporting by Nigam Prusty; Editing by Sumeet Chatterjee)