India's HUDCO tumbles on govt plan to sell stake

Housing and Urban Development

18/10/2023 05:04

** Shares of Housing and Urban Development Corp  HUDC.NS 
fall as much as 9.1% to 81.75 rupees in early trade     
    ** The state-run housing finance co's stock posts its
biggest intraday percentage loss since Dec 2022
    ** India govt to sell up to 7% stake in HUDC; floor price
set at 79 rupees/shr a 12% discount to close on Tuesday
    ** Plan includes 3.5% stake sale, with option to sell an
additional 3.5% if offer is oversubscribed
    ** Including day's losses gains, HUDC up over 57% YTD

 (Reporting by Bharath Rajeswaran and Rama Venkat in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))