Why did the stock of BPCL fall so sharply on 09 March in the markets?
Answer
Answer
On 09 March, BPCL Trust sold 12.6 crore shares of BPCL via bulk deal on NSE at average price of Rs.438.41 valuing the trade at Rs.5524 crore. ICICI Prudential Mutual Fund was a key buyer lapping up 1.39 crore shares and there were other institutions too. It was this mega sale of shares by the BPCL Trust that led to the stock correcting 4.6% on 09 March.