Oil India shares soar by 2.40%

The shares of state-run OIL INDIA LTD gained by 2.40 per cent at LTP of 539.80 on Thursday morning trade on BSE at around 10:30 am ,  the shares were closed down at 527.15 (2.30%) on Wednesday.

The empowered group of ministers (EGoM) has cleared a proposal of disinvestment of 10 per cent stake in Oil India; the process will begin from February 1 through offer for sale (OFS) route.

The disinvestment of 10 per cent stake in the company caused the fall in the shares by around 2.30 per cent on Wednesday. But in the early trade on the BSE Sensex, the shares zoomed to 539.80 up by 12.65 points than the previous closed figures.

The disinvestment of stake in Oil India would generate around 30,000 crore which could be used to boost the economy.