SAIL share prices rally had fall 10% | Syed Mushtaq Ali Trophy 2021 schedule

SAIL share

SAIL share prices rally had fall 10% | Syed Mushtaq Ali Trophy 2021 schedule

SAIL share prices rally had fall 10% | Syed Mushtaq Ali Trophy 2021 schedule

January 14, 2021  Authorbaji55

In Thursday's session, Steel Authority of India Ltd (SAIL) shares traded almost 10% lower as the government would sell up to 10% of PSU stake through an offer to sell (OFS), which could raise over Rs 2,600 crore for the exchequer.

The floor price was set at Rs 64 per share, a discount of 14.32% compared to the closing price of Rs 74.70. on Wednesday.

SAIL OFS opened for non-retail investors on 14 January, while SAIL OFS opened for retail investors on 15 January. At least 12.5% of the bid shares will be reserved for institutional investors and 25% for mutual funds and insurance undertakings.

The Steel Authority of India's stock price, dropping for the second straight day, opened today at Rs 68.40 with a loss of 8.43% and fell to the day's low Rs 68.40, down 9.5% against the last close of Rs 74.70. In the early session, the stock grew to a peak of Rs 69.65 on BSE.

In the last two consecutive days of fall, SAIL stock has dropped 10.34%.

SAIL stock trades on moving averages of more than 20, 50, 100 and 200 days, but on moving averages of less than five days.

India's Steel Authority stock has fallen 12% in one week. The stock has dropped 8% year to date.

SAIL's market capitalisation was Rs 44,597.73 crore today. The stock reached a high of Rs 80.35 over 52 weeks and a low of Rs 20.15 over 52 weeks. India's Steel Authority's share of Rs 10 face value has increased by 16% in a month and 34% in a year.

The government, which holds a 75% interest in SAIL as of the September period, would divest 5% of the company's equity with a 5% greenshoe option, an option to sell additional equity in the event of over-subscription. The government last sold 5% of the state-owned steelmaker's share in December 2014.