Coal India shares slumped to an all-time low on the BSE in early trade on Thursday.
The stock was trading at Rs 286.25, down 0.75 per cent. During intra-day, Coal India hit a low of Rs 285.25.
The stock has been under pressure, on fears the Cabinet may take a decision later today on the draft Bill for setting up the Coal Regulatory Authority.
Meanwhile, the signing of fuel supply agreements (FSA) between Coal India Ltd and its single-biggest buyer, NTPC will take place anytime soon.
The Coal India board, which met here on Wednesday, agreed to reduce incentives proportionately if the quality of coal was poor—with a gross calorific value of less than 3,100 calories. “This is a small amendment which we will make in our FSAs,” the CIL Chairman, S. Narsing Rao, said.
The FSAs may be signed in two weeks time once the matter is communicated to the individual CIL subsidiaries, he said.
Moreover, the Children's Investment Fund Management, which held 1.1 per cent of the equity in the state miner as of March 31, has been offlading its stake in the company. According to Reuters, it sold nearly 1.2 crore shares since April.
TCI has made public protests since the Centre last year forced Coal India to reverse a price hike.
It filed a writ petition in the Delhi high court and a lawsuit in the Calcutta High Court against Coal India's directors.
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