There were a lot of expectations from the bonus issue of MMTC. The Board met yesterday and today the PSU announced that it would be giving a 1:2 bonus - one bonus share for every two equity shares.
The expectation was for a more generous 1:1 and the build-up on the counter had been for that sole purpose. Now what are seeing today is profit booking and traders exiting the counter.
The stock is among the top five losers on the BSE, going down over 5% to Rs. 62.80.