MMTC lost 4.76% to Rs 63 at 10:49 IST on BSE, after the company's board of directors approved the issue of 1:2 bonus shares.
Meanwhile, the S&P BSE Sensex was up 101.89 points, or 0.31% to 33,025.01. The S&P BSE Mid-Cap index was up 59.40 points, or 0.37%, to 16,022.39.
On the BSE, 3.77 lakh shares were traded in the counter so far compared with average daily volumes of 9.67 lakh shares in the past two weeks. The stock had hit a high of Rs 66 and a low of Rs 62.80 so far during the day. The stock hit a 52-week high of Rs 101.60 on 7 November 2017. The stock hit a 52-week low of Rs 45.50 on 9 March 2018.
MMTC said that the board of directors of the company at its meeting held yesterday, 19 March 2018, approved the issue of bonus shares in the ratio of 1:2 i.e. one bonus share for every two equity shares. The announcement was made before market hours today, 20 March 2018.
Shares of MMTC had seen a strong rally in anticipation of liberal bonus issue. MMTC announced after market hours on 14 March 2018, that its board will meet on 19 March 2018 to consider bonus issue. Shares of MMTC surged 20% to settle at Rs 62.10 on 15 March 2018. The stock gained 8.29% to settle at Rs 67.25 on 16 March 2018. It fell 1.64% to settle at Rs 66.15 yesterday, 19 March 2018.
Net profit of MMTC declined 91.59% to Rs 6.26 crore on 31.47% decline in net sales to Rs 3387.11 crore in Q3 December 2017 over Q3 December 2016.
MMTC is the largest international trading company in India. Government of India (GoI) held 89.95% stake in MMTC (as per the shareholding pattern as on 31 December 2017).
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