Hindustan Copper shares slump as government sells stake

Shares of Hindustan Copper slumped 13%, after the government fixed the base price that was way below the market price.

The stock was last traded at Rs 232 against the government's base price, which was fixed at Rs 155 per share.

At the floor price, the government is likely to raise minimum of Rs 574 crore from the company's stake sale through the auction route.

Hindustan Copper is a government owned entity, which has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

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