Meanwhile, the S&P BSE Sensex was down 204.73 points, or 1.05%, to 19,259.09.
On BSE, 647 shares were traded in the counter as against an average daily volume of 94,208 shares in the past one quarter.
The stock opened with a downward gap, declining by the maximum 5% daily circuit and remained locked at the 5% level at Rs 88.30 so far during the day, which is also its 52-week low for the counter. The stock had hit a 52-week high of Rs 890 on 5 July 2012.
The stock had underperformed the market over the past one month till 2 July 2013, sliding 57.30% compared with the Sensex's 1.50% fall. The scrip had also underperformed the market in past one quarter, falling 57.71% as against Sensex's 2.22% rise.
The large-cap company has equity capital of Rs 100 crore. Face value per share is Re 1.
Shares of MMTC have slumped 58.24% in 15 trading sessions from a recent high of Rs 211.45 on 12 June 2013. On 13 June 2013, the Government of India (GoI) sold 9.33% stake in MMTC via Offer for Sale (OFS) through stock exchanges mechanism at an indicative price of Rs 60.86 per share, at a discount of 71.21% to the closing price of the stock of Rs 211.45 on 12 June 2013.
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The divestment was done to make the company compliant with the public shareholding requirements under the Securities Contract Regulations (Rules) (SCRR). Sebi has mandated minimum public shareholding of 10% for state-run firms by 8 August 2013. Post stake sale, the GoI holds 90% stake in MMTC.
MMTC's net profit fell 97.5% to Rs 2.21 crore on 31.4% decline in net sales to Rs 7287.69 crore in Q4 March 2013 over Q4 March 2012.
State-run MMTC is India's largest international trading company. MMTC is the largest non-oil importer in India.
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