Hindustan Copper Shares Plunge as Government Opens Up to 6% Stake Sale

Hindustan Copper shares fell sharply on Tuesday after the government opened an offer for sale (OFS) to divest a 3% stake in the state-run copper producer.

The stock dropped as much as 6% to ₹540 on the BSE, and was trading at ₹535 on the NSE, down ₹39.15 or 6.82% by 10:55 am.

The government has set a floor price of ₹514 per share for the OFS, which is around 10% below Hindustan Copper's previous closing price of ₹573.55.

Under the green shoe option, the government can raise the stake sale to 6% if the issue is oversubscribed.