IOC down as OFS gets underway
By
Research Desk
about 9 years ago
Indian Oil Corporation has lost a lot of ground today. The stock is down almost 4% at Rs.379 with an intra day low of Rs.378.50. In terms of volume, some 3.5 lakh shares have changed hands.
The market is not too enthused with the floor price fixed for its Offer-for-sale. It has been fixed at Rs.387/share when closing price was at Rs.394.45. Thus the discounted price, as was expected for the OFS, is a trend with Govt OFS’s.
The OFS opened today, 20% or 4.85 crore shares are on offer for retail shareholders and they have been offered an additional discount of 5%. Govt stake in the company currently stands at 68.57%.