MMTC hits lower circuit; scrip plunges to 6-year low

MMTC hits lower circuit; scrip plunges to 6-year low
Shares of state-owned Metals and Minerals Trading Corporation of India (MMTC) lost another 5 per cent in early trade on Bombay Stock Exchange (BSE) and locked in lower circuit for the ninth consecutive day.

The stock of the company, which has eroded 37 per cent market capital in past nine trading sessions, is currently quoting at its lowest value since July 2007, after the government fixed the floor price for stake sale at Rs 60/- per share which is a huge discount to the current market price.

Continuing its losing streak, shares of company declined as much 5 per cent and locked in lower circuit at Rs 119.85 a piece on the BSE.

In a similar fashion, shares of the company were locked at 119.00 a piece, down 5 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 18,505.25, down 35.64 points or 0.19 per cent at 9:50 hours.

Read more about: mmtc
Story first published: Tuesday, June 25, 2013, 12:22 [IST]
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