BHEL dips 3% in morning trade on bourses on disinvestment news
MUMBAI: Shares of Bharat Heavy Electricals Ltd (BHEL) fell nearly 3 per cent in opening trade on the bourses today after news reports surfaced that the Union Cabinet is likely to approve the disinvestment of a 5 per cent stake in the state-run power equipment major next week.
MUMBAI: Shares of Bharat Heavy Electricals Ltd (BHEL) fell nearly 3 per cent in opening trade on the bourses today after news reports surfaced that the Union Cabinet is likely to approve the disinvestment of a 5 per cent stake in the state-run power equipment major next week.
BHEL opened on a weaker note on the Bombay Stock Exchange at Rs 2,041, then slipped to a low of Rs 1,994, down 2.52 per cent from its previous closing price.
A similar trend was witnessed on the National Stock Exchange, where the scrip, after opening at Rs 2,038, fell to a low of Rs 1,993, down 2.64 per cent from its last close.
The stock, however, regained some lost ground and was trading at Rs 1,996.15, down 2.42 per cent on the BSE , and at Rs 1,996.50, down 2.47 per cent on the NSE , at 11.25 hours.
Marketmen said investors were rattled by the divestment proposal, even as the broader market was trading in the negative zone.
In May this year, BHEL's board had approved the proposal to divest a 5 per cent stake in the company.
The proposed offloading of the government's 5 per cent stake in BHEL is a part of the Centre's ambitious programme to mop up Rs 40,000 crore through public sector disinvestment in the current fiscal.
Currently, the government owns a 67.72 per cent stake in BHEL.
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