Essar Oil Ltd’s proposal to delist its shares from the stock exchanges has been put on hold due to absence of clearance from market regulator Securities & Exchange Board of India (SEBI).
The Bombay Stock Exchange (BSE) has notified that Essar Oil had approached the exchange for in-principle approval for delisting of its equity shares. “However, as advised by SEBI, the matter has been put on hold till further directions in this regard are received,” BSE said in a statement.
Essar Oil had on June 20, 2014 intimated to the stock exchanges about its decision to delist. This move comes after delisting of Essar Oil’s parent company Essar Energy from the London Stock Exchange earlier this year.
Essar Oil shares closed with a loss of 1.52 per cent at Rs 93.65 on the BSE on Friday. The share price has fallen to this level from 52 week’s high of Rs 132.50 reported on September 10, 2014.
