Coal India is trading on a slippery ground this morning after the government announced its plans to offload 10 per cent stake in the company tomorrow.
According to reports, the government will sell its 10 per cent stake via offer for sale on the stock exchanges on January 30, 2015. The floor price for the stake sale will be announced today after the market hours.
The average trading price for the stock in the last six months is around Rs. 360.
The stock this morning so far has dropped to a low of Rs. 365, and is now down almost 4 per cent at Rs. 369.75. The counter has seen trades of around 134,000 shares as against the two-week daily average volume of around 177,000 shares on the BSE.
At the current market price the government is expected to garner around Rs. 23,000 crore from the divestment.
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