NHPC, Coal India, ONGC slide after Govt OKs share sale

Shares of three state-run companies fell by 0.70% to 3.35% at 10:08 IST on BSE after the government approved share sale.

NHPC fell 3.35% to Rs 21.65. Coal India fell 2.10% to Rs 366. ONGC fell 0.70% to Rs 442.20.

The S&P BSE Sensex was up 51.04 points, or 0.19% at 27,108.45.

Shares of NHPC had underperformed the market over the past one month till 10 September 2014, rising 2.05% compared with 6.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.43% as against Sensex's 5.76% rise.

Shares of Coal India had underperformed the market over the past one month till 10 September 2014, rising 5.34% compared with 6.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.04% as against Sensex's 5.76% rise.

Shares of ONGC had outperformed the market over the past one month till 10 September 2014, rising 12.98% compared with 6.82% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1% as against Sensex's 5.76% rise.

The Cabinet Committee on Disinvestment headed by Prime Minister Narendra Modi on Wednesday, 10 September 2014, approved stake sale of three state-run public sector giants including Coal India (CIL), upstream oil marketing company ONGC and hydro power major NHPC.

The government approved selling 10% in CIL, 5% in ONGC and 11.36% in NHPC. Disinvestment of these three PSUs is likely to fetch the government about Rs 46000 crore based on Wednesday's closing prices, while its disinvestment target for the ongoing fiscal year ending March 2015 is Rs 43425 crore.

As on 30 June 2014, the government held 68.94% in ONGC, 89.65% in CIL and 85.96% in NHPC.

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