Shares of Indian Oil Corporation (IOC) fell more than 3% intraday on Friday amid reports that the government successfully sold their 10% stake to state-run ONGC and Oil India for a consideration of Rs 5,340 crore.
As per the reports, ONGC and Oil India each bought a 5% stake at Rs 220/share. The sale was executed through an off-market transaction.
Post the sale, ONGC's stake in IOC would rise to 13.77%. The scrip was trading 1.62% lower at Rs 269.95 on the BSE at 2.45pm IST.