MUMBAI: The government's plan to sell its stake in Bharat Petroleum Corporation Ltd may not happen this fiscal, thanks to the adverse impact of coronavirus outbreak on businesses and a record slump in global crude oil prices, according to officials aware of the discussions.
The spread of the virus to more than 210 countries has brought world economy to a standstill, with the International Monetary Fund (IMF) projecting global growth to fall to -3% this year.
Over 195,000 people have died of the virus so far. Added to this is the global slump in crude oil prices which has dealt a blow to valuation of companies. "BPCL is a good asset.