Scooters India dips 5% as govt defers revival plan
Mumbai: Shares of Scooters India Ltd on Friday fell by nearly 5 percent to hit lower circuit after the government deferred a proposal for revival of the sick PSU.
The scrip tanked 4.96 percent to touch its lower circuit limit of Rs 39.25 on the BSE. The stock has gained over 58 percent in past eight trading sessions on revival hopes.
Yesterday, the government had deferred a proposal for the revival of the sick PSU.
After the government shelved a plan to sell out its entire stake in SIL, the Department of Heavy Industry (DHI) had proposed a revival package of more than Rs 200 crore for reviving of the company.
In 2011, the Cabinet had given approval to divesting government's entire 95.38 percent stake in Scooters India to a private player through strategic route (outright sale).
Meanwhile, the BSE Sensex registered probably the most negligible change in its history -- 0.09 points -- from its previous close to end the day at 19,663.64.