The stock of Power Grid Corporation of India plunged 14.5 per cent to Rs 88 around noon on Friday after the company said that its board had approved selling 15 per cent of its existing paid-up share capital through a follow-on public offering.
The announcement was made after market hours on Thursday.
Currently, PFC’s promoter — the Union Government — holds 67.23 per cent stake in the company.
On Friday, the stock which hit a high of Rs 100 during the day, subsequently fell to Rs 86.70, a four-year low, before closing at Rs 91.05, on the BSE.