IOC and ONGC recovered to end marginally in the red after a government official told CNBC-TV18 that PSUs will not bid for BPCL. This comes in response to news reports of PSUs participating in BPCL stake sale. BPCL also ended the trade in the red, reports Sapna Das.
The government also tried to clarify that the current rules of divestment do not allow the PSUs to participate in such transactions unless there is a separate cabinet proposal like in the case of a possible buyout of THDC and NEEPCO by NTPC which was announced by the cabinet last month.
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