Hindustan Copper has locked in lower circuit of 20% at Rs 170 on the NSE, for second day in a row, after the government sold its around 6% stake in the company at a huge discount.
The government offloaded 5.58% of its 99.59% stake in the firm at an average price of Rs 156.56 per share, the exchange data shows. The government had set a floor price of Rs 155 per share, was at a steep 42% discount to Friday’s stock price Rs 266 on the BSE. A minimum of 4% stake (37 million shares) was offered for sale with an option to sell 5.59% (51.71 million shares) more. But, bids were received for 51.6 million shares.
The stock has tanked 36% in past two trading sessions from Rs 266 on the BSE. The stock opened at Rs 171 and has seen a combined 310,805 shares changing hands on the counter in morning trades. There are pending sell orders for 4.29 million shares on the NSE and BSE.