Hind Copper down 20% after govt sells stake at discount
Shares in state-run Hindustan Copper fall 20 percent, to their maximum daily limit for the second day after government's stake sale.
November 26, 2012 / 15:53 IST
Moneycontrol Bureau
Hindustan Copper tumbled 20% to Rs 170, for second day in a row, after the government sold its around 6% stake in the company at a significant discount. The government divested stake at Rs 156.56/share with LIC and public sector banks emerging as bigger buyers The stock has tanked 35% in past two trading sessions from Rs 266 to its current levels.Following the steep decline in its share price, the market capitalisation of the company fell by Rs 3,941 crore to Rs 15,770 crore during the morning trade.After the share sale, the government's equity in Hindustan Copper would come down to about 94 per cent. Meanwhile, the government has mopped up Rs. 810 crore by selling shares of Hindustan Copper on Friday, kick-starting a delayed divestment programme that will help the government achieve the revised fiscal deficit target of 5.3 per cent of the gross domestic product (GDP) in 2012-13.
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