Coal India shares slip over 4.5% on divestment buzz

Mumbai: Shares of Coal India Monday fell by over 4.5 percent amid reports that government plans to divest some of its stake in the PSU by next month.

The stock tumbled 4.54 percent to settle at Rs 358.70 on the BSE. During the day, it slipped 5 percent to Rs 356.75.

At the NSE, the stock dropped 4.28 percent to end at Rs 359.

The blue-chip stock was the top loser among the frontline scrips on both Sensex and Nifty.

On the volume front, 2.88 lakh shares of the company changed hands at the BSE, while more than 37 lakh shares were traded at the NSE during the day.

As per media reports, the government plans to flood the markets with a massive divestment to raise about Rs 24,000 crore within next month by selling a 10 percent stake in Coal India.