BHEL shares plunge 6%! Why is the stock falling after Rs 4,422 crore OFS opens for subscription?
Shares of Bharat Heavy Electricals Ltd (BHEL) fell 6% in early trade on Wednesday, after the government announced an Offer for Sale (OFS) to reduce its stake in the company. On NSE, the BHEL stock was down 16 points or 5.80% to 260.10 at 11:20 am. On the Bombay Stock Exchange, the share price was 5.74% down to 260.2, sheding 15 points.
The Centre plans to sell up to 5% of its holding and may raise about Rs 4,422 crore if the entire offer is subscribed at the floor price. The floor has been fixed at Rs 254 per share, which is 8% lower than Tuesday’s closing price of Rs 276.05.
