Three-month delay on selling strategic stakes in Bharat Petroleum and Hindustan Petroleum triggered a sell-of of shares in these companies driving their market value down by 30%.
India's privatisation process had intended to raise upwards of 120bn rupees, including 10% of Hindustan Petroleum and 5% of Bharat, to help pay off external debts. But the petroleum and natural gas and defence ministries are seen as keen to delay the plans.
Opposition MPs called for his resignation earlier this year after the government had to cancel the licences of nearly 4,000 petrol stations and cooking gas outlets over allegations that they may have been given to people close to the ruling party. ©