Essar Oil, Essar Ports crack as promoters deny delisting plans

MUMBAI: Shares of Essar Oil and Essar Ports were witnessing selling pressure after the companies denied delisting plans.

Shares of these companies had surged in trade yesterday following media reports that Essar Group was planning to delist all of its publicly listed companies and sell some assets.

“The company has not received any communication / proposal from its Promoters of their intension to delist the equity shares of the company,” Essar Oil said in a statement to the stock exchanges.

Essar Group stocks have witnessed a strong upmove recently and the correction is seen as a healthy profit booking by analysts.

Essar Oil and Essar Ports have surged 53.91 per cent and 51 per cent respectively since the beginning of May, 2014.

At 11:00 a.m.; Essar Ports was at Rs 81.10, down 8.36 per cent, on the BSE. It touched a high of Rs 89 and a low of Rs 76.40 in trade today.

Essar Oil was at Rs 86, down 3.91 per cent, on the BSE. It touched a high of Rs 90.35 and a low of Rs 85.65 in trade today.