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This is an archive article published on December 31, 2010

Hindustan Copper shares plunge 18 pct

Shares in Hind Copper plunged on reports that their FPO might be priced at a discount of 72%.

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Shares in Hindustan Copper fell more than 18 per cent on Friday after media reported the company’s follow-on offer might be priced at a discount of 72 per cent to the stock’s closing price on Thursday.

The follow-on offer might be priced at around Rs 100 a share compared with the closing price of Rs 355 on Thursday because bankers and investors feel the stock is overvalued,media reports said,citing unnamed sources involved in the sale.

Hindustan Copper shares were down 8.7 per cent at Rs 324 at 0352 GMT on Friday.

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