STC, MMTC dip up to 18% on reports that the govt plans to shut operations

The department of commerce may soon approach the cabinet with the proposal, as per the reports

Shares of State Trading Corporation (STC) and Metals & Miners Trading Corporation of India (MMTC) plunged up to 18 per cent on Tuesday on report that the Commerce Ministry has decided to close down the stateowned trading firms along with the Project and Equipment Corporation of India (PEC).

The department of commerce may soon approach the cabinet with the proposal, The Economic Times reported.
 

It was also agreed upon that the ministry will prepare a comprehensive note for the Cabinet for closure of both STC and PEC within a definite time frame, given their precarious financial position, another report by Press