Tide Water Oil (India) is trading 3% lower at Rs 9,315 on reports that the Union government will not sell its 26.22% stake in the lubricant maker. The government holds its stake through Andrew Yule and Co. Ltd.

“Having repaid its debt to the government by selling two other businesses, Andrew Yule was opposing the proposed stake sale in Tide Water Oil, which produces lubricants under the Veedol brand,&" according to the report.

The stock of Tide Water Oil opened at Rs 9,600 and hit a low of Rs 9,170 on the BSE. The trading volumes on the counter more than doubled, with 13,069 shares changing hands as against an average 8,875 shares traded daily in the past two weeks.