Coal India share price tanked in early trade on May 27 after the government announced an offer for sale (OFS) to divest up to 2 per cent stake in the state-run miner at a discounted floor price. The Coal India OFS, which opened for non-retail investors on May 27, weighed on investor sentiment as the floor price was set nearly 10 per cent below the previous closing price.
Coal India Share Price Tumbles As Centre Launches OFS; Here’s What Investors Should Know
Coal India share price slid over 6 per cent after the government launched a Rs 5,000 crore OFS at a nearly 10 per cent discount. Here's all you need to know about the stake sale
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Shares of the Maharatna PSU fell as much as 6.65 per cent to an intraday low of Rs 427.80 on the BSE, as against the previous close of Rs 458.25. However, the stock later recovered some losses and was trading around Rs 447 apiece at 11 AM, down 2.50 per cent. The stock still remained among the top losers on the Nifty 50 index for the day.
The bruising fall in Coal India shares came after the Centre announced plans to sell up to 12.32 crore shares in the company through the OFS route. At the floor price of Rs 412 per share, the issue size could cross Rs 5,000 crore if the oversubscription option is fully used.
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