SAIL is down in the red, losing for the last two sessions. Today the stock hit an intraday low at Rs.46.15, going down over 5%.
The market is not too happy with reports coming in that the Govt is looking at selling off a 5% stake in the PSU through an OFS.
The Govt wants to raise around Rs.1000 crore and is planning to first assess the investor mood and then go for the OFS.
ITI was a big flop show and any PSU stake the market is not happy with and this is typical behavior of the stock price. Once the OFS of ITI was called off, the stock price rose and now with SAIL looking at going for an OFS, the stock price tanked.