Indian Oil Corporation (IOCL), India's largest oil marketing company, witnessed a fall in share price on Monday after the Indian government announced a 10% stake sale in IOCL through Offer for Sale (OFS) on Monday, August 24. The government intends to sell 242.79 million equity shares each of face value of Rs 10 each.

The government holds 67.57% stake in the India's largest oil marketing company. The company's market capitalization stood at Rs 957.71 billion based on the Friday's closing price of Rs 394.45. As per this, the government is expected to receive Rs 95 billion for 10% stake sale through OFS.

Shares of IOCL are trading at Rs 381.95, down Rs 12.5, or 3.17% at the Bombay Stock Exchange (BSE) on Monday at 11:31 a.m.

Total volume of shares traded on the bourses today was higher by 604.19% to 4,381,051 compared with 22-day average volume of 622,141.