Govt Plans to Give up Management Control in BPCL

The central government is mulling to give up management control in three companies including BPCL, Shipping Corporation of India and Container Corporation, ET Now reported quoted agencies. Shares of these companies pared some of their losses following the development. BPCL traded 0.75 percent down at Rs 458.10, while Container Corporation was down 0.90 percent at Rs 576. On the other hand, the benchmark BSE Sensex was down 358 points, or 0.92 percent, at 38,740.

Shipping Corporation was at Rs 38.40, up 0.92 percent against its previous close. “Government has started the stake sale process in BPCL, Shipping Corporation, and Concor,” the report said. In another development, ET Now reported that the government also proposed to sell Tehri Hydro by NTPC and NEEPCO by NHPC. NTPC was trading 2.43 percent higher at Rs 117.90. On the other hand, NHPC was down 0.65 percent at Rs 22.95.