MMTC falls for 13 straight trading days, stock tanks 50%
According to media reports the government is planning to offload its 9.33% stake in the company through offer for sale route next week.
MMTC has dipped almost 5% to Rs 303, extending its 47% fall in past twelve trading sessions on concerns that the government may offload their partial stake in the company at a discount to the current market price.
The stock opened at Rs 316 and hit a low of Rs 301, its lowest level since September 2007 on BSE. As many as a combined 2.5 million shares representing 37% of free-float equity of the company have changed hands till 1314 hours against an average around one million shares that were traded daily in past two weeks.
According to media reports, the government is planning to offload its 9.33% stake in the company through offer for sale (OFS) route next week.
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 opened at Rs 316 and hit a low of Rs 301, its lowest level since September 2007 on BSE. As many as a combined 2.5 million shares representing 37% of free-float equity of the company have changed hands till 1314 hours against an average around one million shares that were traded daily in past two weeks.
According to media reports, the government is planning to offload its 9.33% stake in the company through offer for sale (OFS) route next week.
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.