India's NMDC falls after sources say auction price may be at a discount
MUMBAI Dec 11 (Reuters) - Shares in Indian state-run miner NMDC Ltd fell 1.8 percent in early trade after sources said the government may on Tuesday announce a floor price for the NMDC issue in a range of 145 rupees to 150 rupees a share.
Dealers say in the short term, the stock may fall, chasing the likely price band which is below Monday's close of 154.75 rupees.
India has set a share sale in state miner NMDC Ltd for Wednesday, the company said, in a deal which sources said could add up to $1.1 billion to government efforts to ease its yawning budget deficit. (Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)
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The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit. Full Article