Coal India Limited (CIL) has dipped 3% at Rs 349 on reports that the board of the State-owned company has decided to revise the contentious penalty clause in the fuel supply agreements (FSAs) to be signed with the power firms. CIL has also agreed to supply at least 80% of the required fuel to power firms.
“The penalty clause, as well as the details of the price pooling would be finalised in the next board meeting, likely within the next 15 days,” the report suggests.
The stock opened at Rs 357 and hit a low of Rs 346 on the National Stock Exchange. A combined around one million shares have changed hands on the counter so far on both the exchanges.