Shares of state run Hindustan Copper nosedived by over 18% in early trade on the BSE on Friday amid reports that the company's follow on public offer may be priced at a discount of nearly 72% vis a vis the closing price of the scrip on Thursday.

According to media buzz, Hindustan Copper FPO may be priced at around INR 100 per share 71.83% lower or less than a third of the closing price of I NR 355 apiece on Thursday.

Reacting sharply to the speculation, the scrip tumbled by 18.3% to an early low of INR 290 on the Bombay Stock Exchange.

Hindustan Copper shares saw a similar downside on the National Stock Exchange and plunged by 19.94% to INR 285 in the morning trade.

The company's FPO, which is expected to raise INR 4,000 crore, is likely to be launched either in February, 2011, or after the budget session.

(Sourced from profit.ndtv.com)