Coal India falls to record low; earnings lag expectations

Shares in Coal India fell more than 2 per cent to a record low on Monday after posting its first quarterly profit decline in five quarters, saying lower sales realisations and higher wage and diesel costs were to blame.

The state-owned miner said on Saturday net profit for its fiscal first quarter fell to Rs. 3731 crore. Analysts, on average, had forecast net profit of Rs. 4240 crore, according to Thomson Reuters Starmine data.

Coal India shares were down 2.4 per cent at 9:17 a.m., after earlier hitting a record low at Rs. 248.25.

Copyright: Thomson Reuters 2013