MMTC rebounds from record low on stake sale delay

Reuters Market Eye - Shares in MMTC Ltd gain 9.2 percent after the government postponed the planned sale of a 9.33 percent stake in the state-run trading company due to valuation issues.

MMTC shares had earlier fallen as much as 5.7 percent to a record low of 280.05 rupees. The shares have slumped 53.5 percent so far this year as of Monday's close on worries that the share sale would come at a steep discount.

Dealers say MMTC's stake sale at steep discount to prevailing market price would not be agreeable to the government at this point.

(Reporting by Abhishek Vishnoi)