Coal India shares declined by 6 per cent 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. The shares of Coal India ended the day at Rs 122, lower by Rs 8 or 5.9 per cent, on the BSE. The shares opened at the day's high of Rs 127 and have touched a low of Rs 121 during the day
"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 ended at 30,029, weaker by 1,069 points or 3.4 per cent and NSE Nifty settled at 8,824, down 312 points or 3.4 per cent.