Coal India Ltd shares slumps nearly 2% as Q4 profit drops to 17.7%

Shares of Coal India Ltd ended nearly 2 per cent lower on Monday after the company reported a 17.7 per cent drop in its March quarter net profit.

The stock dipped 1.87 per cent to settle at Rs 232.90 apiece on the BSE. During the day, it declined 3 per cent to Rs 230.

On the NSE, it fell 1.83 per cent to finish at Rs 233.05 per share.

In terms of volume, 3.73 lakh shares of the firm were traded on the BSE and over 97.11 lakh shares on the NSE during the day.

Coal India Ltd, the world's largest coal miner, on Sunday reported a 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees.

The company reported a consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in the January-March quarter as compared to Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the company's filing with stock exchanges.

The company said salaries for non-executives are due for revision from July 1, 2021 and pending finalisation of a wage agreement with unions, a provision of Rs 5,870.16 crore has been made in the quarter.