Coal India falls as unions give strike notice

Five central trade unions have served a strike notice for three days starting September 23.

Coal India  (CIL) is trading lower by over 2% at Rs 257 in otherwise firm market after the company said  five central trade unions (CTUs) operating in the company and its subsidiaries have served a strike notice for three days starting September 23.

"Five Central Trade Unions operating in Coal India Limited and its subsidiaries have served strike notice for 3 days with effect from 23rd September’2013 to 25th September’2013 against proposed divestment of 5% of CIL shares and other demands,” CIL said in a regulatory filing.

The company also said that it is understood that All India Coal Workers’ Federation (CITU) has decided to withdraw their 3 days strike in CIL and its subsidiaries commencing from 19th September, 2013 and join other unions for 3 days strike from 23rd September’2013 to 25th September’2013.

The stock opened at Rs 262 and hit a low of Rs 256 on NSE. A combined 336,181 shares change hands on the counter so far on NSE and BSE.