The Bombay Stock Exchange (BSE) has halved the circuit limit for the Hindustan Copper scrip, capping its maximum movement in a day at 10%, even as the stock continued its downward trend on the bourses for the third consecutive day.
The change is effective from Tuesday and follows a sharp fall in the share price of the company in the past few days. Falling for the third day in a row on Tuesday, after the governments stake sale, shares of Hindustan Copper ended 9.97% lower at R153.45 on the BSE.
The government on Friday sold 5.58% stake in Hindustan Copper for about R808 crore at an average price of R156.56 apiece.
Earlier, Hindustan Copper shares were allowed an upward or downward movement of 20% in a day. The exchanges generally lower the circuit filter of a stock as part of their surveillance mechanism to avoid excessive volatility in the share price.