Castrol India slumps as promoter BP sells 7% stake in company
Shares of Castrol IndiaBSE -3.32 % slipped 5 per cent in Thursday's trade after British Petroleum, the promoter of the company, sold 7 per cent stake in the company.
The stake sale is worth Rs 2,000 crore or $287 million at Rs 355-Rs 385.5 a share.
The share sale took place on the bourses in six block deals with 7 per cent equity stake being sold for $191 million with BP holding the right to sell additional 3.5 per cent equity share for $96 million.
Reacting to the development, the scrip slipped 5.41 per cent to hit a low of Rs 364.35 on the BSE. The stock has slipped 15 per cent in the year so far.