The Economic Times reported that this morning shares of Coal India Ltd. (BSE:533278) fell as much as 4.6 percent following news that the Indian government has selected seven banks to manage a stake sale in the company.
As quoted in the market news:
At 10:00 a.m.; Coal India recouped some of the losses and was trading 1.8 per cent lower at Rs 245.30. It has hit a low of Rs 238.35 and a high of Rs 250.05 in trade today.
The divestment is part of a state sell-off programme to raise Rs 40,000 crore ($5.87 billion) in the fiscal year ending next March to plug a yawning current account deficit and stave off a threatened ratings downgrade, Reuters reported.