November 26, 2012 / 4:42 AM / 5 years ago

Hindustan Copper falls to daily limit after share sale

A labourer works inside a copper workshop in Siliguri June 6, 2009.Rupak De Chowdhuri/Files

Reuters Market Eye - Shares in state-run Hindustan Copper(HCPR.NS) fall 20 percent, to their maximum daily limit for the second day after government's stake sale.

India raised 8.1 billion rupees by selling shares of Hindustan Copper on Friday, kick-starting a stalled divestment programme that is crucial to reining in a ballooning fiscal deficit.

Dealers say spot market prices are inching closer to the weighted average price of 156.56 rupees in the recently concluded offer for sale.

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