SAIL slumps 6% amid report Govt could sell 5% stake by March 2020

The move is being seen as the government's last attempt at achieving its revised divestment target of Rs 65,000 crore for the current financial year (FY2019-20).

Shares of state-owned Steel Authority of India Ltd (SAIL) slumped 6.1 per cent to Rs 45.65 on the BSE on Monday amid reports that the government could off-load 5 per cent of its stake in the company, through an offer for sale, which could fetch about Rs 1,000 crore to the exchequer. 

"We are looking at a 5 per cent stake sale via offer for sale (OFS), but we will assess investor demand in the roadshows... Officials from the Department of Investment and Public Asset Management (DIPAM) and steel ministry are planning roadshows in Singapore and Hong Kong," news agency