Castrol India Shares Surge as BP Sells Stake to Stonepeak

Castrol India's shares rose by 9% following BP's decision to sell a 65% stake in the company to Stonepeak for USD 10 billion. This strategic sale aligns with BP's goals of streamlining its portfolio and enhancing shareholder value, while Stonepeak invests in supporting Castrol's growth.

Shares of Castrol India experienced a notable surge of 9% on Wednesday, aligning with the announcement from BP plc regarding the sale of its 65% stake in the lubricants company to Stonepeak for USD 10 billion.

On the Bombay Stock Exchange (BSE), Castrol India's shares were trading at Rs 202.50, marking an 8.9% increase during the afternoon session. Similarly, the shares reached Rs 202.40 on the National Stock Exchange (NSE), reflecting an 8.86% rise.

BP highlighted that the transaction is part of its strategy to streamline its portfolio and enhance its balance sheet, with Carole Howle, BP's interim CEO, noting that the deal secures strong future growth for Castrol. The newly formed joint venture will be 65% owned by Stonepeak and 35% by BP.

(With inputs from agencies.)