New Delhi: Shares of state-run NTPC Ltd fell as much as 5% and Indian Oil Corporation Ltd (IOC) 2.5% on Wednesday after reports that the government will sell its stake in the company through an offer for sale.
“Government will sell 5% stake in NTPC and 10% stake in IOC,” CNBC reported.
Currently, the government holds 74.96% stake in NTPC and 68.57% stake in IOC. Investors are selling shares because they expect the government to sell shares at a discount, which will enable them to buy back at a lower price.
At 11.14am, NTPC was trading at ₹ 134.6 on BSE, down 4.8% from its previous close, while IOC fell 2.3% to ₹ 325.25. The Sensex fell 0.21% to 26,821.06 points.
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