Hindustan Copper shares fell as much as 7.28 per cent to hit intraday low of Rs 61.10 after the government started to sell its 7 per cent stake in the company.
The government is selling a 7 per cent stake in state-run Hindustan Copper Ltd in stock market deals over two days, potentially raising Rs 402 crore.
The floor price for the issue is kept at Rs 62 per share which is at discount to Wednesday's closing price of Rs 65.55.
Meanwhile, in a move to woo retail investors, the government is offering 5 per cent discount.
The sale is part of the government's asset sale plan to raise funds to help plug its deficit. For the year to March 2017, it plans to raise Rs 56,500 crore from such sales.
SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities are managing the sale.
Hindustan Copper ended 5.2 per cent lower at Rs 62.15.
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