Buzzing stock: Shares of Bharat Petroleum Corporation (BPCL) fell for the third consecutive session on October 9, losing more than 1 percent after Centrum Broking downgraded its rating on the stock to reduce. The stock has lost more than 8 percent in three trading sessions after rallying 50 percent since September beginning following the privatisation buzz. It was quoting at Rs 484.85, down Rs 5.60, or 1.14 percent, on the BSE at 1000 hours.
Centrum Broking said it maintained cautious stance on BPCL following the recent run-up in the stock. “Despite the structural implications of around 13 percent of Indian refining and around 25 percent of Indian marketing capacity potentially being owned by a private player, we submit that the stock already prices in close to a bull case scenario for BPCL, leaving little on the table for investors,” it said.