Hindustan Copper falls below OFS price, tanks 42% in three days
The government offloaded 5.58% of its 99.59% stake in the firm an average price of Rs 156.56 per share
Hindustan Copper has dipped almost 10% at Rs 153.45 in opening deals, falling below its average offer for sale (OFS) price of Rs 156.56 per share on the Bombay Stock Exchange (BSE).
The stock of state-owned company tanked 42.3% in past three trading sessions from Rs 266 after the government had set a floor price of Rs 155 per share for its stake sale.
“The government offloaded 5.58% of its 99.59% stake in the firm an average price of Rs 156.56 per share,” the exchange data shows.
The stock opened at Rs 155.30 and hit a high of Rs 167.45 on the BSE. A combined 2.33 million shares have changed hands on the counter in morning trades.