BPCL tumbles over 6% on report it's divestment may not happen in FY21

On July 29, the government had for the third time extended the deadline for bidding for privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd by two months to September 30

Shares of Bharat Petroleum Corporation (BPCL) tanked up to 6.4 per cent to Rs 391 apiece on the BSE on Tuesday after media reports said the divestment of government's stake in the oil marketing company is unlikely to fructify in the current financial year. 

The stock, however, pared losses later to trade 1.74 per cent lower on the BSE, as against 760 points, or 2 per cent, rally in the benchmark S&P BSE Sensex, after DIPAM secretary clarified that the proposed divestment would go ahead as planned and will happen in the current financial year. A combined 25.66 million shares