Coal India Goes Ex-Dividend, Shares Fall 6%

Coal India shares fell nearly 6 per cent on Tuesday as it went ex-dividend today. Coal India had declared an interim dividend of Rs 20.70 per share.

The state-owned miner also missed its output target for the April-February period. Coal India's 11 month output was 436.96 million tonnes (MT), 2.9 per cent lower than its target of 450.14 MT.

Coal India, which accounts for over 80 per cent of the domestic coal production, has to achieve production of 506 million tonnes in the ongoing fiscal. The company had missed its output target of 482 million tonnes in the last fiscal and just produced 462 million tonnes of coal.

Coal India was the top loser in the 50-share Nifty.

Shares in Coal India ended 3.9 per cent lower at Rs 379.35 apiece, underperforming the broader Nifty, which closed 0.44 per cent higher.

(With inputs from PTI)