MOIL begins stake sale; stock down 4%

The stock was down 4% to Rs 367 on the BSE in early morning trade.

MOIL was down 4% to Rs 367 on the BSE in early morning trade after the government started to sell its 10% stake in the mining company through offer for sale (OFS).

At 09:45 am, the stock was down 2% at Rs 373 on the BSE as compared to 0.37% rise in the S&P BSE Sensex. A combined 384,444 shares have changed hands on the counter on the BSE and NSE so far.

The stock had a strong run-up, appreciated by 55% in past six months against 2% decline in the benchmark index. In past one year, it