Hindustan Copper shares shed 20 per cent, hit lower circuit after stake sale

Hindustan Copper shares plunged 20 per cent on Monday to hit its lower circuit limit for the second consecutive day after the government sold 5.58 per cent of its stake in the company.

Soon after opening the day's trade, shares of the company tanked 20 per cent to hit the lower circuit limit of Rs 170.45 on the Bombay Stock Exchange. At the National Stock Exchange, the stock plummeted 20 per cent to Rs 170.40.

Following the steep decline in its share price, the market capitalisation of the company fell by Rs 3,941 crore to Rs 15,770 crore during the morning trade.

Starting the disinvestment process of 2012-13, the government pocketed about Rs 808 crore from the stake sale in the PSU at an average price of Rs 156.56 apiece.

After the share sale, government's equity in Hindustan Copper would come down to about 94 per cent.

With inputs from PTI