BPCL privatisation: Shares plunge

Mumbai: Shares of Bharat Petroleum Corporation (BPCL) fell more than seven per cent on Monday after the government cleared the way for privatisation of BPCL.

The union government repealed the legislation that had nationalised BPCL facilitating the BPCL privatisation.

The government is considering to fully privatise BPCL, a state-owned fuel retailer.

Finance Ministry sources said there is no need for a Parliament approval for the strategic sale of BPCL.

The government is planning to sell most of its 53.3 per cent stake in BPCL to a strategic partner.