Shares of Coal India (CIL), the state-run coal mining and refinery company, declined up to 6 per cent in the intra-day deals on the BSE on Monday, after the Union government opened up the mining sector in a big push for privatisation.
At 12:06 pm, the stock was trading around 4.7 per cent lower at Rs 123.45 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was trading nearly 3 per cent lower at 30,224 levels.
Finance Minister Nirmala Sitharaman on Saturday said the government would end its monopoly in coal mining by allowing private companies. “Commercial mining will be on a revenue-sharing mechanism instead of the regime of fixed rupee/tonne. Nearly 50 blocks will be up for bidding, and the government will invest Rs 50,000 crore for building evacuation infrastructure,” the minister said.
