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Coal India hits five-month low on govt stake sale plan

Markets frown upon the govt's decision to divest 10% stake of the company

Reuters  |  Mumbai 

Shares of Coal India, the world's largest coal miner by output, tumbled to a more than five-month low on Monday after government sources said the Indian government was planning to sell a 10 % stake in the company. The government plans to sell the stake in the next fiscal year, which starts on April 1, although it has not finalised a time frame or method for the sale, said the sources, who declined to be identified because they are not authorised to speak to news media. Coal India shares ended down 5.5 % at Rs 302.30 after falling as low as Rs 299.95 , their lowest since ...

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First Published: Mon, March 18 2013. 15:59 IST