Castrol India jumps 8% amid talks of Rs 1750-cr share sale by BP

NEW DELHI: Shares of Castrol India jumped nearly 8 per cent in an unusually high volume trade on Tuesday. There were buzz that existing shareholder BP might have sold the company’s shares at an indicative price not more than Rs 426.80 a share.

At an indicative price of Rs 408-422.50 a share, the share sale will fetch Rs 1,750 crore to BP, the ET had reported.

The stock, which had slipped 4.46 per cent on Monday, climbed 7.97 per cent to hit a high of Rs 456.15 on BSE. By 9.48 am, a total of 12.45 lakh shares had changed hands on the counter against a two-week average of 1.65 lakh shares.

The UK-based BP had sold 11.5 per cent stake in the lubricant maker and cut its holding in the company to 59.4 per cent from 70.9 per cent for about Rs 2,072 crore in May. Castrol at that point had said BP had undertaken a strategic portfolio review to optimise the deployment of capital across different businesses.