Coal India falls after CCI slaps Rs 1773 cr penalty
The stock was down 2% at Rs 279 in early morning deals on the NSE.
Coal India is trading lower by over 2% at Rs 279 in early morning deals on the NSE after the Competition Commission of India (CCI) has imposed a penalty of 1,773 crore over alleged abuse of its monopolistic position.
"The CCI held that Coal India through its subsidiaries operates independently of market forces and enjoys undisputed dominance in the relevant market of production and supply of non-coking coal in India," the ministry of corporate affairs said in a statement on Tuesday.
The stock opened at Rs 278 and touched a low of Rs 276 on the NSE. A combined around 500,000 shares have changed hands on the counter till 0920 hours on the NSE and BSE.
"The CCI held that Coal India through its subsidiaries operates independently of market forces and enjoys undisputed dominance in the relevant market of production and supply of non-coking coal in India," the ministry of corporate affairs said in a statement on Tuesday.
The stock opened at Rs 278 and touched a low of Rs 276 on the NSE. A combined around 500,000 shares have changed hands on the counter till 0920 hours on the NSE and BSE.
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First Published: Dec 11 2013 | 9:24 AM IST