Shares in KIOCL Limited (Formerly known as Kudremukh Iron Ore Company Limited), slumped after the buyback price of the company disappointed.
The share buyback price was fixed at Rs 110, which was at a discount of nearly 20 per cent over Monday's close.
Shares of KIOCL were last seen trading at the 10 per cent circuit filter with only sellers in the counter. The shares were frozen at Rs 122.45 on the National Stock Exchange. Analysts see a further fall once the circuit filter limit goes.
KIOCL is a Flagship Company under the Ministry of Steel, Govt. of India. The company operates Iron Ore Mining, Beneficiation and Iron-Oxide Pelletisation in the Country.
KIOCL has facilities to operate 3.5 MTPA Iron-oxide Pellet Plant, Blast Furnace Unit to manufacture 2.16 lakh tonnes per annum Pig iron at Mangaluru, Karnataka.