Hind Zinc loses luster

Hindustan Zinc is down in the red, opening lower, with an intra day low at Rs.117.95, and it continues to remain in the red.

The stock is down after reports came in that the Govt will not be completing its minority stake sale in the company and Balco in the current fiscal, as was promised earlier. If one may recollect, the Govt had proposed to sell 29.5% stake in the company through an open auction method and both the stake sales, were expected to fetch the company around Rs.20,000 crore. But probably now with the spectrum sale concluding with on a high note, the pressure to divest has eased a bit which is why it has been pushed to the next fiscal. But this is a huge disappointment for all those who had expected to make a quick buck this fiscal on HZL. The wait only gets longer.