Neyveli Lignite gets turned 'off'

Neyveli Lignite has hit a new 52-week low today at Rs.55 and it continues to remain in the red at the same low levels. Market cap stands at Rs.9344 crore.

The stock has slumped as the Cabinet is going to meet today to decide on selling Govt’s 5% stake. Going by the recent stake sale in MMTC, where the price offered was much below the market price, the same is expected to happen in Neyveli too and this factor is disappointing the marketmen.