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Shares of Coal India Ltd fell as much as 4.4 per cent to Rs 263.8, their lowest since October 8. The company had said on Tuesday that the government, which owns 78.3 per cent of the coal miner, will sell 3 per cent stake.
The shares will be sold at a floor price of Rs 266 apiece and the sale will be conducted on Wednesday and Thursday. Coal India shares had closed at Rs 275.85 on the National Stock Exchange on Tuesday
On Wednesday, the stock was among the top percentage losers on the NSE index. More than 4.6 million shares traded vs 30-day average of 3.6 million shares.
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