Comments
Shares of Bharat Heavy Electricals Ltd (BHEL) on Tuesday closed the day with a decline of nearly 5 per cent on the bourses, resulting in an erosion of a whopping Rs 4,500 crore from its market valuations.
BHEL opened on a weaker note on the Bombay Stock Exchange and slipped to a low of Rs 1,944.05, down 4.96 per cent from its previous close, after media reports surfaced that the Union cabinet is likely to approve disinvestment of 5 per cent in the state-run power equipment major next week.
At the end of today’s trading session, the scrip was trading at Rs 1,953.80, down 4.49 per cent on the BSE, translating into an erosion of Rs 4,500 crore from its market capitalisation in a single trading session.
The market valuation of BHEL at the end of today’s trade declined to Rs 95,642 crore from Rs 1,00,142 crore yesterday.
Marketmen said investors investors got rattled by the divestment proposal, besides, the broader market was also trading on the negative zone.
On the National Stock Exchange, the scrip fell to a low of Rs 1,942, down 5.13 per cent from its last close and closed the day at Rs 1,944.40, down 5.01 per cent.
In may this year BHEL’s board had approved the proposal to divest 5 per cent stake in the company.
The proposed offloading of government’s five per cent stake in BHEL is part of centre’s ambitious programme to mop up Rs 40,000 crore through public sector disinvestments in the current fiscal.Currently, government owns 67.72 per cent stake in BHEL.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.