Hindustan Zinc has dipped over 3% at Rs 119 on reports that the government is unlikely to complete sale of minority stake in the company during the current fiscal which ends on March 31, 2014.
Disinvestment of government's remaining stake in Hindustan Zinc and Bharat Aluminium (Balco) will happen next fiscal year, the PTI report suggests.
The government owns 29.5% of Hindustan Zinc and 49% of Balco. Both the companies are majority owned by London-listed Vedanta Resources Plc.
"The decision to divest stakes (in the two companies) stands. However, the process may not be completed this year before March 31. Therefore, we have kept it for the next year (FY15)," Economic Affairs Secretary Arvind Mayaram said in a press conference.
The stock opened at Rs 122 and touched a low of Rs 118 on the BSE. A combined 253,789 shares changed hands on the counter in early morning deals on the BSE and NSE.
Disinvestment of government's remaining stake in Hindustan Zinc and Bharat Aluminium (Balco) will happen next fiscal year, the PTI report suggests.
The government owns 29.5% of Hindustan Zinc and 49% of Balco. Both the companies are majority owned by London-listed Vedanta Resources Plc.
"The decision to divest stakes (in the two companies) stands. However, the process may not be completed this year before March 31. Therefore, we have kept it for the next year (FY15)," Economic Affairs Secretary Arvind Mayaram said in a press conference.
The stock opened at Rs 122 and touched a low of Rs 118 on the BSE. A combined 253,789 shares changed hands on the counter in early morning deals on the BSE and NSE.
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