Coal India shares tank over 6% in morning trade
Shares of Coal India Ltd today slumped over 6 per cent in morning trade, following reports that the government may sell up to 10 per cent stake in the world's largest coal producer next fiscal.
After making a weak opening, shares of the company further
tanked 6 per cent to Rs 300.50 -- its 52-week low -- on the
BSE.
Similarly at the NSE, the stock tumbled by 6.26 per cent
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 per
cent, 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 per cent 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 per cent stake.
In the broader market, the BSE benchmark Sensex was
trading at 19,264.19, down 163.37 points at 1130 hrs.
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