Shares in Coal India slumped 4 per cent ahead of the government's stake sale in the company. The stock was last trading at Rs 368, a drop of 4 per cent.
The government will sell up to 10 per cent stake in Coal India Ltd through offer for sale on Friday and is expected to mop up around Rs 24,000 crore at current market price.
The floor price for the stake sale would be announced today after the close of market hours. Coal India would be second company to hit the markets under the government's disinvestment programme. In December, government sold 5 per cent stake in SAIL to garner over Rs 1,700 crore.
For the current fiscal, the government has budgeted to raise Rs 43,425 crore through disinvestment in PSUs.
With inputs from PTI