The Coal India stock fell in early trade a day after the government announced a 3% percent stake sale in the state-run coal miner. The Coal India stock fell up to 4.3% to 263.80 level on the BSE. The stock opened at 265 level and fell to an intra day low of 263.80 compared to yesterday's close of 275.90 level.

The large cap stock has lost 6.81% during the last one year and risen 1.46% since the beginning of this year. The stock opened at a loss of 3.95% today. It has been losing for the last two days and has fallen 7.04% during the period.  

The Coal India stock closed at Rs 277, down 3.62 per cent on the NSE yesterday. On BSE, the stock closed 3.88% or 11.15 points lower at 275.90 level.

22 of 28 brokerages rate the stock "buy" or 'outperform', five "hold" and one "underperform" , according to analysts' recommendations tracked by Reuters.

On Tuesday, the government announced stake sale of up to 3% stake (18.62 crore shares) in Coal India on October 31 and November 1 via Offer for Sale (OFS) route at a floor price of Rs 266 per share. The floor price was at discount of 4% to yesterday's closing price of Rs 277 on the NSE.

Non-retail investors would be allowed to take part in the OFS on October 31. On November 1, both retail and non-retail investors can take part in the share sale.

The government holds 78.32% stake in Coal India. LIC is the biggest public shareholder with 8.97% stake in the state-run coal behemoth.

Earlier, the government sold 10 per cent stake in Coal India through an OFS in January 2015. It had raised about Rs 23,000 crore from the sale.