Select CPSEs fall; NTPC, PFC, NLC India down over 2%
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Shares of select central public sector enterprises (CPSEs) such as NLC India, NTPC, NHPC, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) were down up to 4% on BSE in intra-day trade after the government invited law firms to act as legal advisers for divesting its shareholding in seven CPSEs.
Besides these five, the government intends to sell equity shares in seven firms including Steel Authority of India (SAIL) and Indian Oil Corporation (IOC), via an offer for sale (OFS).
The legal advisers will be involved in the drafting of notices and responses to the stock exchanges and the market regulator Securities Exchange Board of India (SEBI), said the notice. The firms will assist the government with the modalities and method of the allotment of shares in the offer for sale of these companies.
At 12:15 pm; the S&P BSE CPSE index was down 0.60% as compared to 0.15% decline in the S&P BSE Sensex.
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