Coal India slips nearly 4% after regulator imposes fine

Coal India slips nearly 4% after regulator imposes fine
Shares of state-controlled coal mining company Coal India fell nearly 4 per cent in early trade on Bombay Stock Exchange (BSE) after the Competition Commission of India (CCI) imposed a penalty of 1,773 crore over alleged abuse of its monopolistic position.

"The CCI held that Coal India through its subsidiaries operates independently of market forces and enjoys undisputed dominance in the relevant market of production and supply of non-coking coal in India," the ministry of corporate affairs said in a statement.

Weighed down by development, shares of company declined as much as 3.67 per cent to trade at Rs 274.95 a piece on the BSE. In a similar fashion, shares of the company fell 1.99 per cent to Rs 280.15 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 21,136.33, down 118.93 points or 0.56 per cent at 9:55 hours.

Dion Global Solutions Ltd.

Read more about: coal india, bse, cci, monopoly, coal
Story first published: Wednesday, December 11, 2013, 12:56 [IST]
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