Hindustan Copper Share Price Plunges 7% Amid Offer for Sale

Hindustan Copper's share price plummeted by over 7% in intraday deals on Tuesday, August 25, due to the commencement of an offer for sale (OFS) to divest a 3% stake in the PSU company. The stock opened at Rs.540 against its previous close of Rs.573.55 and dropped to an intraday low of Rs.532.40.

The Indian government is attempting to sell up to a 6% stake in Hindustan Copper through the OFS, with a floor price of Rs.514 per share. This represents a 10.45% discount to the company's closing price of Rs.574 on the NSE on Monday.

The proposed sale could reduce the government's holding in Hindustan Copper from its current 66.14%, depending on the final extent of the stake sale.