CIL dips on worries of 100% jump in wage cost

Coal India has dipped 3% at Rs 383 on reports on reports that the labour unions have demanded a 100% jump in salaries— a demand that would put the company under financial strain.

Last week, the management met the five unions for the first time to negotiate a salary hike under the National Coal Wage Agreement, which expired on June 30.

“The basic salary of a Coal India worker is around Rs 8,320 per month. While the All India Trade Union Congress (AITUC) has asked for a revised salary of Rs 16,000 per month, the Hind Khadan Mazdur Federation (HMS) has asked for a minimum revised basic of Rs 40,000 per month," reports suggest.
 
The stock hit a low of Rs 382 after opening at Rs 394 on the National Stock Exchange (NSE). A combined 1.65 million shares have changed hands on the counter till 1052 hours.