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Shares of Hindustan Copper have dropped 40% in two trading sessions, following the government's recent divestment in the company at a floor price of just Rs 155.
The shares were locked at the lower end of the circuit filter of 20% for the second day in a row.
The government's decision to keep the floor price low for Hindustan Copper, was necessary given the previous experience of poor response to the divestment programme, which saw issues like ONGC just scrapping through.
However, the low floor price of Rs 155, when the actual prevailing market price was Rs 245, saw punters hammering the stock.
A total bid for 5.16 crore shares were received for the divestment of Hindustan Copper. The government has been decided to accept the entire number of shares bid for at or above the floor price.
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