NTPC slips 6% after it incorporates subsidiary to take up coal mining

If NTPC develops its own coal mining capability in the next 5-7 years, Coal India risks losing 100-120 million tonne (mt) of coal supply to NTPC, according to a Coal India official

Shares of NTPC (National Thermal Power Corporation) slumped 6 per cent to Rs 116 on the BSE, in the intra-day trade on Friday, after the company announced incorporation of NTPC Mining, a wholly-owned subsidiary to take up coal mining business. 

"We wish to inform that NTPC Limited has incorporated a wholly owned subsidiary in the name of 'NTPC Mining Limited' with Registrar of Companies, NCT of Delhi on 29th August 2019 for taking up coal mining business," it said in a BSE filing.

At 12:04 pm, the stock pared its losses partially, and was ruling 4.5 per cent