BEML falls 18% in three days after clarification on stake sale report

BEML hit a 52-week low of Rs 1,112, down 7% on the BSE in intra-day trade, extending its past two days decline, after the company said it is not aware of government in principle approval to sell 26% stake in the company.

In past three trading sessions, the stock dipped 18% from Rs 1,362 on Monday, as compared to unchanged in the S&P BSE Sensex.

“We would like to clarify that the Company is not aware of any information related to the said new item,” BEML said with reference to news flashed on ET Now dated March 05, 2018 quoting "Govt gives in principle approval to sell 26% stake in BEML.”

On March 5, the stock had zoomed 15% to Rs 1,418 on the BSE in intra-day trade, finally closed 10% higher at Rs 1,362.

At 03:00 pm; BEML was trading 5% lower at Rs 1,141, against 1.1% rise in the S&P BSE Sensex. A combined 1.69 million shares changed hands on the counter on the BSE and NSE so far.


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel