Shares in India's largest iron ore producer NMDC fell another 3.2% yesterday to extend their two-day loss to 8% after the company announced that the government sell-down last week had to be priced at the bottom of the offering range because of thin, and highly price sensitive, demand.
However, even with the sharp sell-off -- shares in the state-owned company have lost 20% of their value since the price range was first announced pre-opening on March 8 -- the share price is still holding above the final follow-on price.
At a price of Rs300 per share retail accounts and company employees received a 5% discount, the government was able to raise about Rs99.29 billion...
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