Active Stocks
Tue Mar 19 2024 09:21:05
  1. Tata Consultancy Services share price
  2. 4,032.40 -2.71%
  1. Tata Steel share price
  2. 149.10 -0.33%
  1. Power Grid Corporation Of India share price
  2. 266.25 0.47%
  1. Tata Motors share price
  2. 962.15 -1.03%
  1. HDFC Bank share price
  2. 1,440.45 -0.40%
Business News/ Market / Stock-market-news/  Coal India shares fall over 2% as CCI slaps 591 crore penalty
BackBack

Coal India shares fall over 2% as CCI slaps ₹591 crore penalty

Coal India shares ended the day with a loss of 2.18% at ₹291.55 on BSE after CCI slapped penalty. During the day, it declined by 2.51%

The CCI penalty amount of Rs 591.01 crore translates to 1% of Coal India’s average turnover for the three-year period from 2009-10 to 2011-12. Photo: MintPremium
The CCI penalty amount of Rs 591.01 crore translates to 1% of Coal India’s average turnover for the three-year period from 2009-10 to 2011-12. Photo: Mint

New Delhi: Shares of Coal India fell by over 2% on Monday after the Competition Commission of India (CCI) imposed a fine of Rs591 crore on the state-owned firm for having discriminatory conditions in fuel supply pacts.

The stock ended the day with a loss of 2.18% at 291.55 on BSE. During the day, it declined by 2.51% to 290.55.

At NSE, shares of the company went down by 2.13% to close at 291.50. In terms of volume, 8.40 lakh shares of the company were traded on BSE and over 49 lakh shares changed hands at NSE during the day.

Apart from directing the company to “cease and desist" from anti-competitive practices, the watchdog has ordered modification in the agreements.

Also Read| CCI imposes reduced penalty of Rs591 crore on Coal India for fuel supply pacts

In a 56-page order, the watchdog has found the company violating competition norms by “imposing unfair/ discriminatory conditions in the matter of supply of non- coking coal to power producers".

The penalty amount of 591.01 crore translates to 1% of Coal India’s average turnover for the three-year period from 2009-10 to 2011-12.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Mar 2017, 04:31 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App