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Essar Oil Surges 25% in Two Days Amid Delisting Buzz

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Essar Oil Surges 25% in Two Days Amid Delisting Buzz
Essar Oil shares rose as much as 6 per cent on Tuesday to a fresh 52-week high of Rs 184.80 on the BSE, extending its gains to nearly 25 per cent in two sessions. Essar Oil shares had surged nearly 18 per cent on Monday after reports said the refiner had received NSE's approval for delisting its shares.

Bloomberg citing sources said that Essar Oil has received the consent from NSE for delisting and is now awaiting nod from the BSE.

Citing sources, Reuters had earlier reported that Russian oil giant Rosneft is in talks with Essar Group to buy a key stake in Essar Oil. Essar Oil shares have surged nearly 64 per cent this year as compared to a 3 per cent gain in Nifty.

Last year, Essar Oil shareholders had approved the delisting plan. But the proposal was put on hold following direction from market regulator Securities and Exchange Board of India.

Essar Oil shares ended nearly 4.5 per cent higher at Rs 182.

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