Hindustan Copper Shares Plummet as Government Sells Up to 6% Stake

Hindustan Copper shares plummeted over 6 percent in opening trade on Tuesday after the government announced it will sell up to a 6 percent stake in the state-run company through an Offer for Sale (OFS), with the floor price set at Rs 514 per share.

The stock was trading at Rs 535.65 on the NSE, down Rs 38.50 or 6.71 percent as of 9:34 am.

The government will initially offer 3 percent equity in Hindustan Copper, with an additional 3 percent green shoe option available in case of oversubscription, according to the DIPAM secretary's X post on Monday.