SALE OF IOC POSTPONED AGAIN

Vol 3, PW 4 (17 Mar 99) News in Brief
     

India has again put off plans to sell a 2.5% equity stake in the Indian Oil Corporation (IOC).

On 5 March Indian officials and financial institutions agreed to postpone the sale until the IOC share price improves. IOC stock has slumped from Rs 420 in January to around Rs 280 today.

Had the government proceeded with the sale by its 31 March deadline it would have received less than half the Rs 600cr ($142m) it was hoping for. Shares prices in IOC, ONGC and GAIL have slumped following a government equity cross-holding directive.