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Market blues halt stake sale in metal firms

BS Reporter 

Image via Shutterstock
Image via Shutterstock

FM Arun Jaitley on Monday said there would not be any immediate disinvestment in metal companies, as their stock prices were down.

The finance minister's comments came amid concerns that the Rs 69,500-crore disinvestment target for the current financial year might be missed. "I have already said there are a few stocks, especially metal stocks, which are down globally. Therefore, in such circumstances, it would not be appropriate to sell such stocks in the market," he said after a meeting with the heads of public sector banks here. "We will sell such stocks after the market condition improves."

Of the government's disinvestment target for 2015-16, Rs 41,000 crore was to come from the sale of minority stakes in public sector undertakings and the remaining Rs 28,500 crore from strategic stake sale. With eight months of the current financial year almost over, the government has been able to sell stakes only in four - Power Finance Corp, Rural Electrification Corp, Dredging Corp and Indian Oil Corp - to net Rs 12,600 crore.

First Published: Tue, November 24 2015. 00:21 IST