Watch out! India's costliest stock just got cheaper

Orissa Mineral Development Corporation a.k.a OMDC, India’s most expensive share by value,just got a little cheaper as its stock tumbled by 6.5 percent today to Rs 39,813.85 after it deffered the proposal of splitting the face value of shares.

In a board meeting on 18 November, the directors decided to defer the proposal. This is the second time the stock split proposal has been deferred.

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It hit a 52-week low of Rs 39,401.05 per share on 19 August this year. It soared to a 52-week high of Rs 83,800 on 18 November 2010. Over the past one month, the stock has fallen by 6 percent vis-a-vis the Sensex’s fall of 2.2 percent.

It has a very small equity capital of Rs 60 lakh. As per Capitaline, OMDC reported a loss of Rs 23 lakh for the September-ended quarter, far lower than the loss of about Rs 4 crore reported in the year-ago quarter.

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The company did not report any sales for the same period; its other income, in contrast, jumped up to Rs 13.2 crore from Rs 6.8 crore.

It is one the oldest iron ore mining companies in India with its mines located around Barbil in Keonjhar district of Orissa.