MMTC has rallied 8% to Rs 319, bouncing back almost 14% from intra-day low, on reports that the empowered Group of Ministers (eGoM) has deferred the decision on share sale.
“The eGoM on disinvestment, headed by finance minister P. Chidambaram, has met today to decide on the base price for the share sale, deferred the same as committee did not accept merchant banker’s price recommendation,” the media report suggests.
The government has proposed to sell over 93.3 million shares or 9.33% of its stake in MMTC in the current fiscal through an offer for sale (OFS).
The stock opened at Rs 294 and hit a low of Rs 280, its lowest price since September 2007, in early morning trades on BSE. The stock has tanked 56% in past one month from Rs 633 on February 12, compared to a marginal 0.43% rise in benchmark Sensex during the same period.
As many as a combined 4.46 million shares have already changed hands till noon deals against an average sub 1.7 million shares that were traded daily in past two weeks on BSE and NSE.
“The eGoM on disinvestment, headed by finance minister P. Chidambaram, has met today to decide on the base price for the share sale, deferred the same as committee did not accept merchant banker’s price recommendation,” the media report suggests.
The government has proposed to sell over 93.3 million shares or 9.33% of its stake in MMTC in the current fiscal through an offer for sale (OFS).
The stock opened at Rs 294 and hit a low of Rs 280, its lowest price since September 2007, in early morning trades on BSE. The stock has tanked 56% in past one month from Rs 633 on February 12, compared to a marginal 0.43% rise in benchmark Sensex during the same period.
As many as a combined 4.46 million shares have already changed hands till noon deals against an average sub 1.7 million shares that were traded daily in past two weeks on BSE and NSE.
