Hindustan Aeronautics tanks over 11% as government plans to sell 15% stake

Shares of Hindustan Aeronautics (HAL), the state-owned aerospace and defence company, tanked over 11 per cent on the BSE on Thursday, a day after the company informed that the government plans to sell as much as 15 per cent stake in the company through a public offering of shares.

The government will sell a stake of about 10 per cent, with an option to sell a further 5 per cent in the company, according to a stock exchange filing on Wednesday.

At a floor price of Rs 1,001 a share, the sale could fetch as much as Rs 5,020 crore ($680 million).