Castrol India, engaged in automotive lubricants business, witnessed a sharp fall in share price after its promoter groups offloaded 7% stake in the company for a consideration of approx. Rs 20 billion or USD 287 million.

BP Mauritius and Castrol collectively held 71.03% stake in the company as of March 2016.

Further, BP holds the right to sell additional 3.5% equity share for USD 96 million.

Shares of Castrol India are trading at Rs 375.10, down Rs 10.15, or 2.63% at the Bombay Stock Exchange (BSE) on Thursday at 11:52 a.m.

The scrip has touched an intra-day high of Rs 381.00 and low of Rs 364.40. The total volume of shares traded at the BSE is 64,616,907.