BSE lowers stock circuit limit for Hind Copper

Nov 28 2012, 00:49 IST
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SummaryThe Bombay Stock Exchange has halved the circuit limit for the Hindustan Copper scrip, capping its maximum movement in a day at 10%, even as the stock continued its downward trend on the bourses for the third consecutive day.

The Bombay Stock Exchange (BSE) has halved the circuit limit for the Hindustan Copper scrip, capping its maximum movement in a day at 10%, even as the stock continued its downward trend on the bourses for the third consecutive day.

The change is effective from Tuesday and follows a sharp fall in the share price of the company in the past few days. Falling for the third day in a row on Tuesday, after the government’s stake sale, shares of Hindustan Copper ended 9.97% lower at R153.45 on the BSE.

The government on Friday sold 5.58% stake in Hindustan Copper for about R808 crore at an average price of R156.56 apiece.

Earlier, Hindustan Copper shares were allowed an upward or downward movement of 20% in a day. The exchanges generally lower the circuit filter of a stock as part of their surveillance mechanism to avoid excessive volatility in the share price.

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