Coal India is a Maharatna public sector undertaking and the largest coal-producing company in the world.
Coal India shares declined by nearly 5 per cent to Rs 121 on the BSE after the Finance Minister Nirmala Sitharaman on Saturday announced commercialisation of coal and an end to the governmental monopoly in the coal sector. At 10:40 am, the shares of Coal India were trading at Rs 123, lower by Rs 6 or 4.8 per cent, on the BSE. The shares opened at the day's high of Rs 127 and have touched a low of Rs 121 thus far.
"Coal is a government monopoly. That government monopoly is being removed," Ms Sitharaman had said, announcing commercial mining on a revenue sharing mechanism. A total of 500 mining blocks will go up for auction and nearly 50 coal blocks will be offered immediately, the Finance Minister had ADDED.
Coal India is a Maharatna public sector undertaking and the largest coal-producing company in the world.
The BSE Sensex was quoting at 30,389, weaker by 718 points ot 2.3 per cent and the NSE Nifty was at 8,927, down 211 points or 2.2 per cent at the time.
