The stock touched a high of Rs 597 and finally recovered its losses to end flat at Rs 588. Heavy trades of 2.29 million shares were witnessed on the counter at the BSE today as compared to the two-week daily average traded volumes of 851,764 shares.
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(Updated at 1004hrs)

Sterlite has declined 2% in early trades, and is now down for the second day in a row following its $1.5 bn ADS issue.

The stock today opened at Rs 595, and soon tumbled to a low of Rs 560. The stock is now trading at Rs 578, and around 2.49 lakh shares have changed hands at the counter so far on the BSE. The stock had shed 6% yesterday.

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The US offering was priced at $12.15 each. The stock is under selling pressure because of the dilution in the earnings per share following Sterlite’s decision to issue an additional 123 million shares (17% of the total stock) through its ADS.

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