Meanwhile, the BSE Sensex was down 420 points, or 2.47%, to 17043.63.

On BSE, 2.66 lakh shares were traded in the counter as against an average daily volume of 1.72 lakh shares in the past one quarter.

The stock hit a high of Rs 174.80 and a low of Rs 159 so far during the day. The stock had hit a 52-week high of Rs 181.90 on 19 January 2010 and a 52-week low of Rs 70 on 6 March 2009.

Mr. Mohandas was quoted by media as saying on Thursday, 21 January 2010 that there is no immediate proposal for selling shares in state-run firms Shipping Corporation of India and Dredging Corporation of India. Dredging Corporation of India slumped 11.46% to Rs 644.

Shares of state-run shipping companies had soared earlier on divestment hopes.

In November, the Indian cabinet approved a proposal to sell at least 10% government holding in state-run firms and use the proceeds for social schemes until March 2012 to cut its fiscal deficit.

The government of India holds a 80.12% stake in Shipping Corporation of India (SCI) and 78.56% in Dredging Corporation of India.