Hindustan Copper has locked in lower circuit of 20%at INR 170 on the NSE for second day in a row after the government sold its around 6%stake in the company at a huge discount.
The exchange data showed that the government offloaded 5.58%of its 99.59%stake in the firm at an average price of INR 156.56 per share.The government had set a floor price of INR 155 per share was at a steep 42%discount to Friday's stock price INR 266 on the BSE.A minimum of 4%stake was offered for sale with an option to sell 5.59%more.But bids were received for 51.6 million shares.
The stock has tanked 36%in past two trading sessions from INR 266 on the BSE.The stock opened at INR 171 and has seen a combined 310,805 shares changing hands on the counter in morning trades.There are pending sell orders for 4.29 million shares on the NSE and BSE.
