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This is an archive article published on March 5, 2013

NHPC shares tumble

Shares of public sector NHPC on Monday fell by as much as 30 per cent in intra-day trading

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Shares of public sector NHPC on Monday fell by as much as 30 per cent in intra-day trading.

The stock dived by 29.92 per cent to Rs 18.15 on the NSE. The scrip closed 23.94 per cent lower at Rs 19.70. After falling 25.87 per cent to Rs 17.90 in the opening session,it closed 18.84 per cent lower at Rs 19.60 on the BSE.

In a clarification to the BSE,NHPC said,As far as the fundamentals of the company,there is no change which affects the major price movement. In our opinion,there is no issue in the Finance Bill which has any adverse effect on hydro sector.

In terms of volume,985 lakh shares of the company changed hands on BSE,while over 25 crore shares were traded on NSE. The stock has been seeing selling pressure over the last two days. While its management has clarified that there was no change in companys fundamentals,technical selling was seen coupled with heavy volumes, said a dealer. Theres no issue of pledged shares in the NHPC case as its majority owned by the government.

 

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