Shares of fell as much as 6.4 per cent in early trade on Wednesday, emerging as the top loser on the Nifty 50 index, after the Centre announced a stake sale through an offer-for-sale (OFS).
The stock dropped to a low of ₹428.40 on the NSE, compared with its previous close of ₹458.15. At 9.24 am, the stock was trading at ₹435.90, down 5 per cent.
Investor sentiment weakened following the government’s plan to divest up to 2 per cent stake in the state-run miner through the OFS route.
, representing 1 per cent of, with a green shoe option to offload an additional 6.162 crore shares. The stake sale, being carried out by the Ministry of Coal, will be conducted through the OFS window on the BSE and NSE in accordance with SEBI norms.
The OFS will be spread across two trading sessions. On May 27, bidding will be open only for non-retail investors. Retail investors and eligible employees, under a reserved quota of 25,000 shares, can participate on May 29 along with non-retail investors carrying forward unallotted bids from the first day.
The decline in the stock comes despite Coal India reporting a strong performance for the March quarter. The company posted an 11.1 per cent y-o-y rise in consolidated net profit at ₹10,839.18 crore for Q4FY25, compared with ₹9,751.64 crore in the corresponding period last year. Revenue from operations increased to ₹46,490.03 crore from ₹43,961.56 crore a year ago.