Coal India shares tank over 6% in morning trade
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Coal India shares tank over 6% in morning trade

Last Updated: Monday, March 18, 2013, 12:22
 
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Coal India shares tank over 6% in morning trade
Mumbai: Shares of Coal India Ltd Monday slumped over 6 percent in morning trade, following reports that the government may sell up to 10 percent stake in the world's largest coal producer next fiscal.

After making a weak opening, shares of the company further tanked 6 percent to Rs 300.50 -- its 52-week low -- on the BSE.

Similarly at the NSE, the stock tumbled by 6.26 percent to Rs 299.95.

The scrip was the biggest loser on Sensex and Nifty during the morning trade.

Shares of CIL had closed at Rs 320 apiece on the BSE on Friday. At that price, a sale of 56.84 crore shares, or 10 percent, of government holding, could fetch over Rs 18,000 crore to the exchequer.

CIL will be the biggest disinvestment for the government in 2013-14. The government plans to raise Rs 40,000 crore by way of PSU stake sale next fiscal.

The government currently holds 90 percent stake in CIL.

CIL got listed on the bourses in 2010 through an initial public offering, through which the government raised Rs 15,199 crore by selling 10 percent stake.

In the broader market, the BSE benchmark Sensex was trading at 19,264.19, down 163.37 points at 1130 hrs.

PTI


First Published: Monday, March 18, 2013, 12:22


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