NLC India Shares At Three-Year Low As Government Plans To Sell Up To 7% Stake

Shares of NLC India Ltd. fell to their lowest level in three years on Thursday after the government said it would sell up to 7% stake in the company through an open offer.

The company said that the government will sell up to 9.71 crore shares of the company, including greenshoes, according to an exchange filing. "The floor price of the offer for sale has been set at Rs 212 per share," the filing said.

Shares of the company fell as much as 4.08% to Rs 217.30 apiece, the lowest level since Feb. 29, 2021. It pared losses to trade 2.74% lower at Rs 220.90 apiece as of 10:04 a.m. This compares to a 0.08% advance in the NSE Nifty 50.

It has risen 185.35% in the past 12 months. Total traded volume so far in the day stood at 0.84 times its 30-day average. The relative strength index was at 41.21.

One analyst tracking the company has a 'hold' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 28.6%.