Shipping Secretary K. Mohandas said that negotiations on selling a stake in Shipping Corp. of India Ltd are being held by India’s Government, which will be seen as a part of its asset sale program. Even though, an absolute verdict has not be issued till now, yet to subsidize the purchase of vessels, the Company may also think about selling new shares.

An aim has been kept in vision by India, which will target to lift up a record 400 billion rupees ($8.6 billion) from auction of shares in state-owned companies in the year. The Government of India, besides agreeing the proposal of shares in Engineers India Ltd. and Steel Authority of India Ltd, as also vended a part of its stake in a power utility, SJVN Ltd.

The Mumbai-based Company may plan to sell a similar amount of new stock, as the sale of 10% stake in Shipping Corp. is being considered. But the former is not yet confirmed. Of the Shipping Corp, the largest sea carrier, the shares tumbled down as much as 1.6% to 160.45 rupees by today afternoon; whereas they had declined to 4.5% earlier today.