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Shares of Coal India slumped 4.54 per cent on Monday on the BSE at ₹358.70. The public sector behemoth has been in the news on rumours of the government soon announcing a 10 per cent stake sale to meet its disinvestment target for the current fiscal. Currently, the government owns 89.65 per cent in the company.
Monday’s sharp fall came after a choppy week at the bourses for stocks last week, over uncertainties regarding a labour strike at the mines and a consequent fall in coal production.
A senior analyst in a domestic broking firm, who did not want to be named, said Coal India’s poor performance is probably connected to persisting labour trouble. Falling coal prices might also have triggered the sell-off, said another analyst.
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