NMDC drops after reduction in iron ore prices

Shares of NMDC were down over nearly 4% at Rs 129 on the Bombay Stock Exchange after the state-owned mining major announced reduction in iron prices.

The company has reduced prices of iron ore fines by 20% or Rs 500 per tonne to Rs 1,960 per tonne and lump ore prices by 6.1% or Rs 200 per tonne to Rs 3,050 per tonne.

The reduction in prices is effective from April 18, 2015, the company said in a release.

The stock opened at Rs 130 and touched a low of Rs 128. At 9:25AM, over 30,000 shares were traded on both the stock exchanges.