NBCC shares sink over 11% after govt approves stake sale

Shares of NBCC tumbled on Wednesday after the government decided to sell its stake in the company.

At 15:21 hours, shares of the company were trading down 11.23% at Rs 228.50 per share.

Earlier in the day the government had proposed to sell stake in state-owned construction company NBCC India with an aim to meet the ambitious Rs 56,500-crore PSU disinvestment target in 2016-17, a report by PTI stated.

National Buildings Construction Corporation Limited, Navratna organisation under category I, is a Central Public Sector Undertaking which trades publicly in the market and is largely owned by Government of India.

It engages in the Real Estate Development & Construction business, and also provides project Management Consultancy.

The government currently holds 90% of the company’s share.