The stock of Essar Oil shot up to a 52-week high on Monday, moving up 4.72 per cent to close at ₹146.45. Monday’s gains rounded up an over 36 per cent gain in the stock’s price over the last five trading days, possibly on market rumours that Russian oil producer Rosneft might buyout half of Essar Oil. The Ruia group-owned Essar Oil, signed an agreement with Rosneft last December to import 10 million tonnes of crude oil into India a year for the next 10 years.
However, in response to a query regarding the stock price movements, an Essar Oil spokesperson said, “It is not our policy to comment on market speculations. The company has already informed the stock exchanges last week stating that there is no event or development which is required to be submitted to the stock exchanges.”