MMTC frozen at lower circuit

Yesterday MMTC had hit a new 52-week low at Rs.191 and today, it has gone down further to Rs.190.35, a new low, down 10%, frozen on the lower circuit.

As the market had suspected yeeterday, the Govt set the floor price for Offer For Sale (OFS) at Rs.60/share, which is at a huge discount to the current market price. The Govt will be divesting 9.33% stake via the OFS today. The government expects to raise Rs 250-300 crore through the stake sale.