Orissa Minerals Development Company (OMDC) has locked the 10% lower circuit at Rs 47,887 after the board of state-owned mining company rejected the bonus issue proposal.
“The board in its meeting held on September 13, 2012 considered the proposal of issue of bonus share by the company and decided against the issue,” OMDC said in a filing.
The stock had zoomed 76% since July 25 after the Ministry of Steel said that OMDC may look into the issue of bonus shares as per legal requirements.
A combined around 700 shares have changed hands on the counter so far and there are pending sell orders for 2,018 shares on the NSE and BSE.
