BPCL shares plunge 7% as govt extends deadline for bids till November 16

Shares of Bharat Petroleum Corporation (BPCL) tanked over 7 per cent in Wednesday’s trade after the government extended bid submission deadline for the privatisation of the oil marketing company for the fourth time in a row from September 30 to November 16.

The decision has taken on the back of requests from interested bidders.

“In view of further requests received from the interested bidders and the prevailing situation arising out of Covid-19 pandemic, the last date for submission of EoIs (Expression of Interest) is further extended to 16th November,” the government said in a statement.


The scrip traded 7.39 per cent down at Rs 357.65 at around 11.55 am (IST), while the benchmark BSE Sensex traded 0.19 per cent higher at 38,044 at around the same time.

Reuters has cited sources saying India’s efforts to privatise refiner BPCL could spill over into the next fiscal year and global players such as Saudi Aramco and Russia’s Rosneft may not participate in the bid.