MMTC shares slump to record low post disinvestment

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Shares of state-controlled Metals and Minerals Trading Corporation of India (MMTC) plunged 10 per cent, hitting fresh 52-week low, in early trade on Bombay Stock Exchange (BSE) post government concluded disinvestment programme.

The government garnered over Rs 567 crore with the MMTC stake sale getting over-subscribed by 1.33 times of the shares on offer. The floor price of stake sale was fixed at Rs 60 a piece, a 71 per cent discount to Wednesday's closing price of Rs 211.45.

Continuing its losing streak, shares of company on the stock exchanges hit the lower circuit limit in opening trade leading to a halt in trading for full day. The scrip plunged 10 per cent to Rs 171.35 apiece.

In a similar fashion, shares of the company were locked at 170.15 a piece, down 10 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 19,016.38, up 189.12 points or 1.02 per cent at 9:40 hours.

Read more about: mmtc
Story first published: Friday, June 14, 2013, 12:32 [IST]
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