BSE lowers stock circuit limit for Hindustan Copper

Mumbai: Leading bourse BSE has halved the circuit limit for the Hindustan Copper scrip, capping its maximum movement in a day at 10 percent, even as the stock continued its downward trend on bourses for the third consecutive day today.

The change is effective from today and follows a sharp fall in the share price of the company in the past few days, BSE said in a circular.

Falling for the third day in a row today after the government's stake sale, shares of Hindustan Copper were trading 8.74 percent lower at Rs 155.55 on the BSE during the noon trade.

[caption id="attachment_537071" align="alignleft" width="380"] The government on Friday sold 5.58 percent stake in Hindustan Copper for about Rs 808 crore. Reuters[/caption]

The government on Friday sold 5.58 percent stake in Hindustan Copper for about Rs 808 crore at an average price of Rs 156.56 apiece. Earlier, Hindustan Copper shares were allowed an upward or downward movement of 20 per cent in a day.

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The exchanges generally lower the circuit filter of a stock as part of their surveillance mechanism to avoid

excessive volatility in the share price.

PTI