Essar Oil bounces back sharply with 21% gain

Essar Oil, one of the leading player in energy sector and a subsidiary of Essar Energy plc, jumped 21% on Tuesday after a sharp fall of almost 12% in the previous session. This leads to sharp rise in market capitalisation by Rs 20.83 billion to Rs 120.18 billion on Tuesday.

The company has been granted phase III environmental clearance for its coal bed methane (CBM) gas field at Raniganj, West Bengal, allowing it to increase drilling to 650 wells.The phase III approval was granted by the Government of India's Ministry of Environment and Forests.

Shares ofthe companyare trading at Rs 88, up Rs 15.25, or 20.96% at the Bombay Stock Exchange (BSE) on Tuesday at 4:00 p.m.The scrip has touched an intra-day high of Rs 90.90 and low of Rs 73.25. The total volume of shares traded at the BSE is 6,159,088.In the earlier session, the shares lost 11.71%, or Rs 9.65, at Rs 72.75. Currently, the stock is trading down 8.48% from its 52-week high of Rs 96.15 and above 91.3% over the 52-week low of Rs 46.00.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 83.20 (10.45) (12.56) 1 Month 91.85 (19.10) (20.79) 3 Months 70.60 2.15 3.05 6 Months 48.45 24.30 50.15 1 Year 60.00 12.75 21.25 Note: Based on previous day closing price.