Shares of Bharat Petroleum Corporation (BPCL) on Wednesday fell around 5 per cent as the Street was left disappointed by its second interim dividend.

The oil refiner on Tuesday announced that it will be paying an interim dividend of Rs 5 per share.

This fell short of market expectations of a payout of anywhere between Rs 30 and Rs 60 per share based on the proceeds from the sale of its stake in Numaligarh Refinery and the recent liquidiation of some of its treasury shares.

Earlier this month, BPCL had announced that it will exit Numaligarh Refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.

The sale of the refinery would clear the way for the privatisation of India’s second-largest fuel retailer. Its board had also given the nod to sell treasury shares, which came after the merger with Kochi Refinery, held by BPCL Trust. Thereafter, close to Rs 5,500 crore of treasury shares, or 5.81 per cent of its equity, were liquidated.

Among brokerages, Emkay had expected a one-time special dividend of Rs 40-50 per share and its analysts said that the sale of the Numaligarh refinery is an important event in its divestment process.

On Tuesday, Dipam secretary Tuhin Kanta Pandey had said the BPCL stake sale would be completed in the second quarter of the next fiscal. The government owns 114.91 crore shares, or 52.98 per cent, in BPCL.

On the BSE, the BPCL scrip fell 4.83 per cent, or by Rs 21.90, to settle at Rs 431.90.