Oil India turns ex-date for share buyback; stock down 7%

The stock slipped 7% to Rs 188 on the BSE in an otherwise firm market as it turned ex-date for the proposed buy-back of 50.5 million shares at Rs 215 per share.

Shares of Oil India have slipped 7% to Rs 188 per share on the BSE in an otherwise firm market as it turned ex-date for the proposed buy-back.

The board of directors of Oil India in their meeting held on November 19, 2018, has fixed Monday, December 3, 2018, as the record date to determine the entitlement and names of the shareholders who are eligible to participate in the buyback; and the shareholders to whom the letter of offer and tender form will be delivered in relation to the buyback.

Oil India will buy back 50.5 million of its