Oil India Ltd commissioning CSS Technology, Stock down

Oil India Limited (OIL) has successfully commissioned the Cyclic Steam Stimulation Technology (CSS) in the well BGW-8 in Baghewala PML of Rajasthan for mining or extraction of heavy crude oil for the first time in India.

Oil India Limited is Asia’s oldest and biggest pioneer oil exploration and Production Company. The promoters holding in Oil India stood at 66.13%, while Institutions held 18.81 percent and Non-Institutions at 15.06 percent.

During Wednesday morning, Oil India shares went up over 1 percent.  The scrip opened at Rs. 186.35 per share and touched a high of Rs. 189.40 and low of 183.10 on the NSE

However, shares of the company plunged over 1 percent as trade progressed. During Mid-noon hours of trade  the stock was trading at Rs 487, down 4.63 percent, while NSE benchmark Nifty trade lower by 78 points at 10791-leves and Sensex at 35,902-leves down 232 points.