In the first such rejection by any ministry, Union Mines Minister B K Handique has shot down a proposal by the Finance Ministry that sought 10 per cent or more disinvestment in state-owned aluminium giant Nalco. The government holds 87.15 per cent in the navratna company that earned profits of Rs 1,272 crore on a turnover of Rs 5,531 crore in 2008-09.