BP looks to sell 8.5percent stake in Castrol India

BP wants to sell 8.5 per cent stake in Indian subsidiary Castrol India through a block deal worth Rs.1,750 crore.
The share sale at an indicative range of Rs.408 – Rs.422.50 per share.
Castrol India shares declined by 4.5 per cent to Rs.422.45 since the announcement. In May, UK´s BP sold 11.5 per cent stake in the lubricant maker, reducing its holding in the company from 70.92 per cent to 59.42 per cent for Rs.2,072 crore.
Early this year, BP reported an annual loss of $6.5 billion and announced tis planst to cut thousands of jobs to cope with the oil price slump.
BP´s business is also still reconciling with the fallout from the 2010 Gulf of Mexico disaster.