Its shares had gained nearly 10 per cent during the past seven sessions on the buzz that the government will soon unveil BPCL's divestment plans, but ended as the top loser on the Nifty50 on Thursday.
Disinvestment Secretary T.K. Pandey told the media that the disinvestment of BPCL may be carried out in two phases.
Narendra Solanki of Anand Rathi Shares & Stock Brokers said that investors usually buy stocks like they did in the case of BPCL when the details of the divestment deal was not clear. Post the announcements the terms of the deal seems to have been below market expectations.
The government may consider two-phased disinvestment for public sector oil refiner and retailer BPCL if the initial strategic sale of the entire 53.29 per cent government stake in the company fails to get requisite response.
Finance Minister Nirmala Sitharaman had said the Centre will strategically disinvest Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India (CONCOR).
The strategic sale of BPCL, however, would exclude the oil refiner's 61 per cent stake in Numaligarh Refinery Ltd in Assam, Sitharaman told reporters.
"Numaligarh will be carved out from BPCL before its disinvestment and would retain its PSU character. The company can be taken over by other CPSE in the oil and gas sector under consolidation," she said.
( With inputs from IANS )