Bharat Coking Coal slashes coal prices by 10%

Kolkata: Coal IndiaNSE 0.36 % subsidiary Bharat Coking Co al has reduced coal prices by 10%, in a first such move aimed at reviving sales that have plunged by about 65% this month.

“The subsidiary was forced to cut prices of three grades of coal which constitute more than 90% of its sales, as offtake started declining from March following demand dip faced by almost all its consumers during the lockdown,” a senior executive of Coal India told ET.

Earlier, the company was hoping that consumers would be lured by concessions it offered in credit facilities, but many power companies were not in a position to take advantage because of financial stress.