India starts to fill up tank with IOC divestment

Indian government defies its stock market's worst trading day in more than six years to raise $1.4 billion from the sale of a 10% stake in Indian Oil Corporation.
India raises almost one fifth of its annual divestment target after IOC sale
India raises almost one fifth of its annual divestment target after IOC sale

Its advertising says that with Indian Oil anything is possible and on Monday the Indian government proved that motto correct after successfully divesting a 10% stake in the company on one of the worst trading days in recent history.

Fears about global growth, particularly in China, pushed investors into panic mode and stock markets into freefall, with the BSE Sensex dropping 5.94% to suffer its biggest one-day drop in six-and-a-half years. 

Some fund managers believe India was the victim of indiscriminate selling. The country is the biggest single beneficiary of low oil prices, which will positively impact earnings, Jon Thorn, founder of India Capital Fund, told...

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