Commodities
Hindustan Copper Shares Plummet 6% on Govt's Discounted OFS Price
The shares of Hindustan Copper plummeted by over 6% on Tuesday following the government's decision to launch an Offer for Sale (OFS) at a discounted price.
The Centre priced its OFS at Rs 514 per share, which is nearly 10.5% below Monday's close of Rs 574.15.
As a result, the stock slid from around Rs 535.50 on the NSE to touch an intraday low of Rs 532.50 after opening at Rs 542.
The decline in Hindustan Copper's shares was due to the discounted OFS price creating a lower reference point for the stock, triggering selling pressure in the secondary market as investors factored in the availability of shares at a cheaper price.