The Indian government sold a portion of its stake in Hindustan Zinc. The sale involved up to 2.5% of the company's shares. This move caused share prices to drop over 7% on the Bombay Stock Exchange. The floor price for the sale was set at a discount compared to recent market values.

Miner Hindustan Zinc said on Tuesday the Indian government, its largest minority shareholder will sell a total 2.5% stake in the company and valued the sale at 53.34 billion rupees (about $634 million).

The Indian government plans to divest 1.25% of its equity stake in HZL, with an option to sell an additional 1.25% as a green shoe option. Shares of Hindustan Zinc Ltd ended at ₹559.45, up by ₹16.25,

The Centre will sell up to 2.5 per cent stake in Hindustan Zinc at a floor price of ₹505 per share – a 10 per cent-odd discount over the current price - through an Offer for Sale (OFS) starting November 6, the Ministry of Mines has said in a notification to the bourses. The sell has been long awaited.

Hindustan Zinc share price declined more than 7.% in the morning trades on Wednesday. Offer for sale for 2.5% stake sale by the government starts today

The Indian government, in a recent development, has taken a step towards disinvestment, announcing a plan to sell up to a 2.5 per cent Hndustan Zinc Limited (HZL) through an Offer for Sale (OFS). The announcement of this made through an exchange filing by Hindustan Zinc.