Essar Oil hits 52-week high as Sebi grants relaxations on proposed delisting
Shares of Essar Oil has rallied 15% to Rs 213, also its 52-week high on the NSE in early morning trade in otherwise weak market on reports that the capital market regulator Securities Exchange Board of India (Sebi) gave more time to the promoter to finalise the delisting offer.
The regulator has directed Essar Oil to match its delisting price with that being paid by Russian oil giant Rosneft for a 49% stake in the company.
At 09:59 AM, the stock was up 10% at Rs 204 on the NSE as compared to 1.5% decline in the Nifty. The trading volumes more than doubled with a combined 1.66 million shares changed hands on the counter on the NSE and BSE so far.
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