There had been a lot of hope that new regulations related to the sale of shares in listed Indian companies would improve the efficiency of the market and help increase the free-float and liquidity in a number of government-controlled companies in particular. But the first such offer for sale, which took place yesterday, cannot be described as anything but a huge disappointment.
The ingredients for a successful sale were all there. The target, Oil and Natural Gas Corp ONGC, is a well-liked blue-chip that is riding on the huge demand for energy in India and the government’s sale of an additional 5% stake would make it more accessible to...
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