Sharemasterindia.com: Shares of Essar Oil fell nearly 6 per cent on Friday after hitting a 52-week high of 162.30 in early trade. Citing sources, Reuters on Thursday reported that Russian oil giant Rosneft's talks to buy a stake in the Essar Group company has hit a bump over valuations.
Reuters quoting sources said that Russian oil giant Rosneft's talks with Essar Group to buy a key stake in the unit that owns the Vadinar refinery have slowed.
Reuters citing sources said discussions between the two sides over the 400,000 barrel per day (bpd) refinery began in December, when Essar signed a deal to buy 200,000 bpd oil from Rosneft for a decade. Talks have centred on a stake of 50 percent minus one share, Reuters added.
Essar Oil on June 16 clarified that "we would like to clarify that as on date there is no event, information or development in the company which is required to be submitted as per clause 36 of the listing agreement."
Essar founders own 90.5 per cent of Essar Oil, out of which 65.6 per cent is in the form of overseas depository shares. Mumbai-based Essar Group's business interests include steel, oil and gas, power and ports.
Essar Oil shares had surged nearly 60 per cent the past seven sessions. At 10:09 a.m., Essar Oil shares were down 3.6 per cent to Rs 152 as compared to a 0.70 per cent gain in Sensex.
