Coal India is trading lower by around 3% at Rs 295 on reports that the UK-based TCI, a minority shareholder, calls for Comptroller Auditor General (CAG) investigation in the company’s Fuel Supply Agreements (FSAs).
“The UK-based TCI, minority shareholder in Coal India, has written to Prime Minister Manmohan Singh seeking an audit by CAG for the FSAs signed by the public sector miner,” A Hindu Business Line report suggests.
According to TCI, the miner has taken steps that have negative impact for investors, added report.
The stock opened at Rs 301 and hit a low of Rs 291, its lowest price since February 2011 on BSE. The stock had hit all-time low of Rs 287 on listing day on November 4, 2010.
A combined 3.5 million shares have already changed hands on the counter till noon deals against an average around 2.4 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, the stock has underperformed the market, by falling 9% in past two trading sessions compared to 0.95% fall in benchmark Sensex at 1247 hours.
“The UK-based TCI, minority shareholder in Coal India, has written to Prime Minister Manmohan Singh seeking an audit by CAG for the FSAs signed by the public sector miner,” A Hindu Business Line report suggests.
According to TCI, the miner has taken steps that have negative impact for investors, added report.
The stock opened at Rs 301 and hit a low of Rs 291, its lowest price since February 2011 on BSE. The stock had hit all-time low of Rs 287 on listing day on November 4, 2010.
A combined 3.5 million shares have already changed hands on the counter till noon deals against an average around 2.4 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, the stock has underperformed the market, by falling 9% in past two trading sessions compared to 0.95% fall in benchmark Sensex at 1247 hours.
