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Coal India declines 2% on reserve price report

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Public sector miner Coal India's stock was seen under pressure in trading on Wednesday after reports said it would have to pay a reserve price for acquiring new blocks.

The stock declined 1.78 per cent to close at Rs 308.30 on the BSE. The stock opened at Rs 312.25 against Tuesday's close of Rs 314.75. However, of the 2.60 lakh shares traded on the BSE, 1.37 lakh shares (or 52.61 per cent) were deliverable quantities.

“We are keeping a watch on the stock. News reports that it would have to pay for new mines have been pulling the stock down,” said Mr Bhavesh Chauhan, Research Analyst at Angel Broking.

siddhartha.s@thehindu.co.in

(This article was published on May 16, 2012)
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