Meanwhile, the S&P BSE Sensex was up 211.90 points or 1.13% at 19,039.06.
On BSE, 3,214 shares were traded in the counter with pending sell orders of 81.62 lakh shares at lower circuit. The stock has an average daily volume of 1.42 lakh shares in the past one quarter.
The stock opened at 10% lower circuit of Rs 171.35 and remained locked at the lower circuit so far during the day. The stock's low of Rs 171.35 is a 52-week low. The stock had hit a 52-week high of Rs 890 on 5 July 2012.
The stock underperformed the market over the past one month till 13 June 2013, falling 29.53% compared with the Sensex's 4.39% fall. The scrip had also underperformed the market in past one quarter, declining 39.5% as against Sensex's 2.77% fall.
The large-cap company has equity capital of Rs 100 crore. Face value per share is Re 1.
MMTC's offer for sale (OFS) was subscribed 154.60%. The OFS received total bids for 14.42 crore shares at an indicative price of Rs 60.86 per share. The government had put on block 9.33 crore equity shares, aggregating to 9.33% of the total paid up equity share capital of the company through offer for sale (OFS) route via the stock exchanges mechanism which concluded on Thursday, 13 June 2013. The government had fixed the floor price for the OFS at Rs 60 per share. Shares of MMTC were locked at the 10% lower circuit to settle at Rs 190.35 on Thursday, 13 June 2013.
The stake sale was to meet the minimum public shareholding norms given by Securities & Exchange Board of India (Sebi). The market regulator Sebi has mandated minimum public shareholding of 10% for state-run firms by August 2013.
The stake sale, which was originally slated to take place in March 2013, was then deferred on valuation concerns.
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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