PTI reported that leading bourse BSE has halved the circuit limit for the Hindustan Copper scrip capping its maximum movement in a day at 10% even as the stock continued its downward trend on the bourses for the third consecutive day.
The change is effective from today and follows a sharp fall in the share price of the company in the past few days. Falling for the third day in a row today after the Government's stake sale shares of Hindustan Copper were trading 8.74% lower at INR 155.55 on the BSE during noon trade.
The Government on Friday sold 5.58% stake in Hindustan Copper for about INR 808 crore at an average price of INR 156.56 apiece. Earlier, Hindustan Copper shares were allowed an upward or downward movement of 20% in a day.
The exchanges generally lower the circuit filter of a stock as part of their surveillance mechanism to avoid excessive volatility in the share price.
