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Essar Oil drops on Gujarat HC rejecting its relief plea for repaying sales tax

26 Jun 2012 Evaluate

The Gujarat High Court has rejected Essar Oil’s plea to provide relief in repayment of sales tax deferment liability, which is over Rs 8,000 crore. The HC has also directed the state to fast track the recovery process. However, Essar Oil is yet to receive the order copy, post which it will mull over the future course of action, which may include appealing in the Supreme Court of India. Following this news, Essar Oil shares tanked nearly 2-3%.

Essar Oil is currently trading at Rs. 53.80, down by 1.30 points or 2.36% from its previous closing of Rs. 55.10 on the BSE.

The scrip opened at Rs. 54.50 and has touched a high and low of Rs. 54.50 and Rs. 52.85 respectively. So far 492549 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 132.45 on 11-Jul-2011 and a 52 week low of Rs. 44.80 on 18-Jan-2012.

Last one week high and low of the scrip stood at Rs. 57.65 and Rs. 52.05 respectively. The current market cap of the company is Rs. 7292.66 crore.

The promoters holding in the company stood at 15.96% while Institutions and Non-Institutions held 3.54% and 6.50% respectively.

Peers
Company Name CMP
Reliance Industries 1365.10
Indian Oil Corp. 145.85
BPCL 312.05
HPCL 370.95
MRPL 183.20
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