Hindustan Copper shares tank 20% after stake sale
Mumbai: Shares of Hindustan Copper Monday plunged 20 percent to hit its lower circuit limit for the second consecutive day after government's stake sale.
Starting the disinvestment process of this year, the government on Friday sold 5.58 percent stake in Hindustan Copper for about Rs 808 crore at an average price of Rs 156.56 apiece.
Soon after opening the trade, shares of the company tanked 20 percent to hit the lower circuit limit of Rs 170.45 on the BSE.
At NSE, the stock plummeted by 20 percent to Rs 170.40.
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, government's equity in Hindustan Copper would come down to about 94 percent.