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The follow-on offer might be priced at around Rs100 a share compared with the closing price of Rs355 on Thursday because bankers and investors feel the stock is overvalued.
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Updated : Mar 17, 2018, 06:22 AM IST
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Shares in Hindustan Copper fell more than 18% on Friday after a newspaper reported the company's follow-on offer might be priced at a discount of 72% to the stock's closing price on Thursday.
The follow-on offer might be priced at around Rs100 a share compared with the closing price of Rs355 on Thursday because bankers and investors feel the stock is overvalued, the newspaper said, citing unnamed sources involved in the sale.
Hindustan Copper shares were down 8.7% at Rs324 at 03:52 GMT on Friday in a Mumbai market up 3%.
