ONGC, Coal India, NHPC fall on nod for share sale

Shares of state-run companies NHPC, ONGC and Coal India fell by as much as 5 per cent today as the government approved diluting its equity stake in these blue-chips.
NHPC's stock declined 4.91 per cent to settle at Rs 21.30 on the BSE.
Similarly, shares of ONGC lost 3.58 per cent to Rs 429.35 and CIL's stock fell by 3.53 per cent to Rs 360.65.
Clearing the decks for mega disinvestment drive, the government yesterday approved diluting its equity stake in blue-chip companies Coal India, ONGC and NHPC, which is likely to fetch Rs 43,000 crore to exchequer.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi approved the disinvestment of 10 per cent paid-up equity capital in Coal India (CIL), an official statement had said.

Meanwhile, in the stock market the benchmark Sensex settled at 26,995.87, down 61.54 points.