NTPC dips on disinvestment buzz
The Cabinet is likely to consider a proposal to disinvest 9.50% stake in state-run power company on Thursday.
NTPC is trading lower by 2% at Rs 166 after news reports surfaced that the Union Cabinet is likely to approve the disinvestment of around 10% stake in the state-run power major tomorrow.
“The Cabinet is likely to consider a proposal to disinvest 9.50% stake in state-run power company on Thursday. The government will clear sale of about 783.3 million shares, resulting in 9.5% dilution in government stake in NTPC,” the Business Standard report suggests.
Currently, the government holds about 84.5% stake in the Maharatna company. Following the disinvestment, the government’s stake in NTPC would come down to 75%, added report.
The stock opened at Rs 168 and hit a low of Rs 165 on the NSE. Total 377,087 shares have changed hands on the counter so far on both the exchanges.