InvestorQ : Why did the Tata Communications stock fall so sharply on 16 March?
prachi Patwardhan made post

Why did the Tata Communications stock fall so sharply on 16 March?

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sara Kunju answered.
4 weeks ago
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Tata Communications was down 7% at Rs.1206 on 16 March after the institutional OFS to sell the government holding in the company opened on Tuesday. The retail portion will be opened for OFS on 17 March. Indian government will sell its 10% stake with an option to sell an additional 6.12% in Tata Communications; formerly VSNL.

Currently, the government holds 26.12% in Tata Communications. Floor price has been set at Rs.1161. It is likely to fetch the government Rs.5,334 crore but the markets are a tad wary of the lower OFS price and the decision of the government to exit the company. After the OFS, government will sell the remaining equity shares held by it in TCOM to Panatone, the investment arm of Tata Sons.

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