Tata Communications tanks 8% on weak Q3 result, govt stake sale report

The government may reportedly sell its entire 26.12 per cent stake in the company through offer for sale and strategic sale route in the current fiscal

Shares of Tata Communications, erstwhile VSNL, slumped 8 per cent to Rs 1,040 on the BSE in the intra-day trade on Wednesday on report that the government could sell its entire 26.12 per cent stake in the company through offer for sale and strategic sale route in the current fiscal.

According to a PTI report, the Department of Investment and Public Asset Management (DIPAM) said via a notice that part of the shareholding will be offered through OFS and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest Limited. The transaction