NBCC shares tank 11 pc on stake sale announcement

Shares of construction company NBCC tumbled nearly 11 per cent today after the Centre approved 15 per cent disinvestment in the state-owned firm.
The stock tanked 10.72 per cent to end at Rs 229.80 on BSE. During the day, it plunged 12 per cent to Rs 226.40.
On NSE, shares of the company slumped 10.91 per cent to close at Rs 229.75.
In terms of volume, 20.87 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
The Centre today approved 15 per cent disinvestment in NBCC, hoping to garner Rs 1,706 crore from the stake sale.

The decision to divest stake was taken by the Cabinet Committee on Economic Affairs (CCEA).

Government holds 90 per cent stake in the company.
"The government hopes an estimated receipt of Rs 1,706 crore from this (disinvestment). But it is just estimation," Law and IT Minister Ravi Shankar Prasad told reporters in New Delhi after the CCEA meeting.
National Buildings Construction Corporation Limited (NBCC) was listed on the bourses in 2012 when the government diluted 10 per cent stake to raise Rs 124.97 crore.