Shares of state-owned Coal India fell about 3 per cent on Bombay Stock Exchange (BSE) after media report suggested that coal production has increased in the recent past but demand from power utility company is far less than expected.
According to rating firm Ambit, CIL's operational performance has improved materially over last eight months but lacks support from power sector demand.
Weighed down by development, the shares of the company dropped 2.95 per cent in intra-day trade to Rs 336.35 apiece on the BSE.
In a similar trend, shares of the company dipped 3.15 per cent to Rs 336.55 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 24,893.81, down 308.39 points, or 1.22 per cent, at 15:30 hours.