Shares of Bharat Electronics fell as the Centre will sell 5 per cent of its stake in the company.

The stock fell as much as 3.2 per cent to Rs 1,510.

The stake sale of 1.11 crore shares to be carried out through the offer-for-sale mechanism, will remain open for two days – non-retail and institutional investors can bid on Tuesday, while retail investors will bid on Wednesday.

The floor price has been set at Rs 1,498 per share, a discount of about 4 per cent to Bharat Electronics' closing price on Tuesday.

Up to Tuesday's close, stock had gained about 13.5 per cent this year.