The auction of Oil India (OIL) share saw good response from investors in the initial hours of sale today with bids coming in for over 2.40 crore shares in the first three hours of trade.The one-day auction began this morning on the stock exchanges.

The government is offloading 6.01 crore shares or 10 per cent stake in OIL and has fixed a floor price of 510 rupees a share. The stake sale would fetch 3,065 crore rupees to the exchequer.
Shares of OIL opened on a weak note and fell by 1.34 per cent in the opening trade at 532 rupees a piece on the BSE.

The indicative price which is the weighted average price of all vaild bids was 522.60 rupees a share, while the stock was quoting at 531.65, rupees down 1.40 per cent over previous close on the BSE.