Friday, 17 Feb 2012
Bloomberg reported that Coal India Ltd, facing a decline in production, fell the most in seven months after the government ordered it to increase sales to power utilities and said it will face penalties for failing to meet the obligations.
CIL declined by 5.8% to INR 320.05 at BSE, the biggest loss since July 8.
The stock has climbed 6.5% this year, compared with a 17% increase in the benchmark Sensitive Index.
The government ordered Coal India yesterday to sign agreements to supply projects due to be completed by March 2015, and import the fuel to overcome local production bottlenecks.
Coal India will pay a fine if supplies fall short of commitments.
(Sourced from Bloomberg)
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