Castrol India on Friday denied knowledge of any stake sale in the company by parent firm Castrol Ltd, a unit of British oil major BP, saying that recent media reports of such a transaction were based on market speculation.
Referring to a Bombay Stock Exchange communication in the matter, Castrol India in a BSE filing said: "We refer to your letter dated August 24, 2016, in respect of the news report that has appeared in the Economic Times dated August 24, 2016, and captioned 'Castrol to sell $261 million shares via block trade'. "
"Castrol India Limited is not privy to any potential transactions and we had no information from the shareholders regarding the occurrence of the reported transaction, " it said.
"Given that there has been no sale of shares as reported in the media, the above news report of 24th August 2016 is evidently based on market speculation and rumours, " it added.
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