Coal India shares slump over 5% on stake sale announcement

Shares of Coal India Ltd fell by over 5 per cent today as the government decided to sell up to 10 per cent stake in the company to raise about Rs 24,000 crore tomorrow.
CIL's scrip plunged 5 per cent to Rs 364.60 at the BSE.
On the NSE, it lost 5.1 per cent to Rs 364.20.
The blue-chip stock was the biggest loser among the front-line scrips on both the Sensex and Nifty.
In the country's biggest share sale ever, the government will sell up to 10 per cent stake in Coal India Ltd to raise about Rs 24,000 crore on Friday.

The government will sell 31.58 crore shares, or five per cent stake, in a public offer, with an option to sell another 5 per cent, Coal India had said in a regulatory filing yesterday.
The disinvestment is expected to help government meet half of the Rs 43,425 crore revenue target from stake sale in public sector companies.
At yesterday's closing price of Rs 384.05, a 10 per cent stake sale will enable the world's largest coal producer to raise Rs 24,257 crore.