The offer for sale (OFS) in Hindustan Copper, that marks the beginning of the Rs 30,000 crore stake sale programme for FY13, met a lukewarm response in the first hour of trade in the market. Out of over 88.72 million shares on offer, only 4,734 shares were bid for in the first hour of trade, exchange data showed.
However, marketmen believed that the bids typically come late in the day as institutions do not want to be caught on the wrong foot by bidding high initially.
Tracking the base price of Rs 155 per share, market prices of Hind copper fell by 12 per cent in early trade. At 10.37 am, the shares were trading at Rs 234.60, paring most of the gains gathered on Thursday in the run up to the OFS.
Private courier firm Bluedart Express, which is selling about 1.4 million shares in an OFS, also did not receive any response in the first hour of trade.