MMTC hits 52-week low on government stake sale buzz

Shares of state-controlled Metals and Minerals Trading Corporation of India (MMTC) plunged over 7 per cent, hitting 52-week low, in early trade on Bombay Stock Exchange (BSE) on reports that the government is likely to meet today to decide on the base price for its partial stake sale in the company.

As per media reports, the Empowered Group of Ministers (EGoM) is headed by Finance Minister P Chidambaram is scheduled to meet today derive at the base price for divesting 9.33 per cent in MMTC. The issue of which is expected to hit the market on June 13.

Reacting to news, shares of company declined as much 7.03 per cent and touched 52-week low to trade at Rs 191.00 a piece on the BSE.

In a similar fashion, shares of the company were trading at 199.30 a piece, down 3.30 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 19,089.40, down 53.60 points or 0.28 per cent at 9:48 hours.

Read more about: mmtc
Story first published: Wednesday, June 12, 2013, 12:42 [IST]
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