RITES is in the red today. It opened with a loss of almost 4.5% at Rs.304 and it went down to an intraday low at Rs.300, recording a fall of 5.7%.

The stock is down after the Govt stated that it plans to sell stake in the PSU.

It plans to sell 5% or 1.25 crore equity shares via offer for sale. It has also retained the option of selling an additional 5% stake.

The floor price is what irked the market; it has been fixed at Rs.298/share, which is at a 6.6% discount to yesterday’s close.