MMTC has tanked 7.3% to Rs 342, extending its previous day’s 9.3% fall on BSE, on reports that the government is planning to offload its 9.33% stake in the company through offer for sale (OFS) route next week.
The stock currently trading at its lowest level since September 2007 underperformed the market by falling 43% in past two-weeks compared to less than 3% drop in benchmark Sensex. A combined around 500,000 shares have changed hands on the counter so far on BSE and NSE.
“The Empowered group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, is scheduled to meet on March 12 to decide on the floor price for the proposed stake sale,” the PTI report suggests.
The government currently holds 99.3% stake in the trading giant is expected to offer a discount to the current market price. It had offered a discount of 42% discount in the case of Hindustan Copper, 7.6% for mining firm NMDC, 5.6% for oil exploration and production company Oil India and 4.5% for electric utilities major NTPC.
The stock currently trading at its lowest level since September 2007 underperformed the market by falling 43% in past two-weeks compared to less than 3% drop in benchmark Sensex. A combined around 500,000 shares have changed hands on the counter so far on BSE and NSE.
“The Empowered group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, is scheduled to meet on March 12 to decide on the floor price for the proposed stake sale,” the PTI report suggests.
The government currently holds 99.3% stake in the trading giant is expected to offer a discount to the current market price. It had offered a discount of 42% discount in the case of Hindustan Copper, 7.6% for mining firm NMDC, 5.6% for oil exploration and production company Oil India and 4.5% for electric utilities major NTPC.
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