ConCor slumps 3% as govt offloads 5% stake in company

NEW DELHI: Shares of Container Corporation of India, a Navratna company, ended lower by 2.54 per cent on Wednesday after the government offloaded 5 per cent stake in the company on Wednesday and Thursday.

The government is set to sell 9.75 million shares of the company at a floor price of Rs 1,195 per share, at a discount of 2.5 per cent. The government currently own 61.5 per cent stake in the freight carrier.

Reacting to the development, the scrip corrected 3 per cent to hit a low of Rs 1,189 on the BSE.

The issue will be open to institutional investors for subscription on Wednesday and Thursday while retail investors can bid on Thursday.