Shares of Hindustan Copper Ltd fell sharply on both the BSE and NSE today after the Government fixed a far lower floor price than the price at which the stock was trading. That the floating stock was very meagre at 0.41 per cent might see the sell-off losing momentum after a while but it is not clear as to why the Government chose a price that was close to the stock's 52-week low even as a floor price and not a selling price as it could result in a steep loss to the existing shareholders (including the Government) if the share price does not make a quick turn around. A section of the investment community is livid that the GoI had chosen to auction the Hindustan Copper shares rather than a...
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