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Coal India shares dip on draft mining bill approval

Coal India shares dip on draft mining bill approval
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First Published: Fri, Jul 08 2011. 07 52 PM IST
Mumbai: Coal India Ltd, the state-run coal miner, saw its share price drop by 8% on the Bombay Stock Exchange (BSE) on Friday, its most since listing, after news reports on Thursday stated that a group of ministers formed to finalize the proposed Mines and Minerals (Development and Regulation) Bill decided to make a provision whereby coal mining companies, like Coal India, will have to allocate 26% of their profits towards the benefit of project-affected persons.
The company’s stock price on the BSE ended at Rs362 on Friday, 8.18% lower than its previous close. The bours’s benchmark index, Sensex, lost 1.15 % to close at 18858.04 points.
This is the sharpest slump in Coal India’s stock price since the company got listed on 4 November.
Since listing, Coal India has gained 5.72% till date, while the Sensex has lost 9.74%. Coal India is the country’s largest coal miner and second-most valuable company by market capitalization.
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First Published: Fri, Jul 08 2011. 07 52 PM IST
More Topics: Coal India | Market | Sensex | BSE | Shares |