Coal India drops on reports Cabinet may consider divestment of 5-10% stake

Coal India dropped 3.43% to Rs 379.70 at 10:28 IST on BSE on reports that the Union Cabinet may consider a proposal for divestment of 5-10% stake in Coal India at a meeting scheduled today, 12 August 2015.

Meanwhile, the S&P BSE Sensex was down 131.06 points or 0.47% at 27,735.03.

On BSE, so far 2.85 lakh shares were traded in the counter as against average daily volume of 3.40 lakh shares in the past two weeks.

The stock hit a high of Rs 396 and a low of Rs 374.85 so far during the day. The stock had hit a 52-week low of Rs 331.60 on 13 October 2014. The stock had hit a record high of Rs 447.25 on 5 August 2015.

Government of India (GoI) currently holds 79.65% stake in Coal India. The government had last sold a 10% stake in Coal India on 31 January 2015.

Meanwhile, Coal India is scheduled to announce its Q1 June 2015 results today, 12 August 2015. The company's consolidated net profit fell 4.4% to Rs 4238.55 crore on 3.9% growth in net sales to Rs 20774.22 crore in Q4 March 2015 over Q4 March 2014.

State-run Coal India is a coal mining major.

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