Coal India shares slip over 4.5 per cent on divestment buzz

Mumbai: Shares of Coal India fell byover 4.5 per cent amid reports that government plans to divest some of its stake in the PSU by next month. The stock tumbled 4.54 per cent to settle at Rs 358.70 on the BSE. During the day, it slipped 5 per cent to Rs 356.75.    

At the NSE, the stock dropped 4.28 per cent to end at Rs 359.  The blue-chip stock was the top loser among the frontline scrips on both Sensex and Nifty. On the volume front, 2.88 lakh shares of the company changed hands at the BSE, while more than 37 lakh shares were traded at the NSE during the day.    

As per media reports, the government plans to flood the markets with a massive divestment to raise about Rs 24,000 crore within next month by selling a 10 per cent stake in Coal India.