Hindustan Copper is trading lower by 2% at Rs 76.20 ahead of the Empowered Group of Ministers' (EGoM) on disinvestment meeting today to decide on the base price for government stake sale in the company.
The stock opened at Rs 78.10 and hit a low of Rs 65, its lowest value since April 2006, on BSE. A combined 511,703 shares have already changed hands on the counter till 0945 hours against an average around 400,000 shares that were traded daily in past two weeks on BSE and NSE.
The government currently holds 94.01% stake in copper company, is planning to sell 4.01% stake sale of the company. The sale would make the company complaint to the minimum 10% public holding norm of market regulator Sebi.
The issue is likely to hit the markets on July 3, a PTI report suggests.
In November last year, the government had sold 5.58% stake in Hindustan Copper for about Rs 808 crore at an average price of Rs 156.56 a piece.
The stock opened at Rs 78.10 and hit a low of Rs 65, its lowest value since April 2006, on BSE. A combined 511,703 shares have already changed hands on the counter till 0945 hours against an average around 400,000 shares that were traded daily in past two weeks on BSE and NSE.
The government currently holds 94.01% stake in copper company, is planning to sell 4.01% stake sale of the company. The sale would make the company complaint to the minimum 10% public holding norm of market regulator Sebi.
The issue is likely to hit the markets on July 3, a PTI report suggests.
In November last year, the government had sold 5.58% stake in Hindustan Copper for about Rs 808 crore at an average price of Rs 156.56 a piece.
