Hindustan Copper shares tank 20% after stake sale

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Hindustan Copper shares plunged 20 per cent to hit their lower circuit limit today for the second consecutive day after the Government’s stake sale.

The Government had on Friday sold 5.58 per cent stake in Hindustan Copper for about Rs 808 crore at an average price of Rs 156.56 apiece.

Soon after opening, the scrip tanked 20 per cent to hit the lower circuit limit of Rs 170.45 on the BSE. On the NSE, the stock plummeted 20 per cent to Rs 170.40.

Following the steep decline in its share price, the market capitalisation of the company fell by Rs 3,941 crore to Rs 15,770 crore during the morning trade.

After the share sale, the Government’s equity in Hindustan Copper would come down to about 94 per cent.

(This article was published on November 26, 2012)
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