Coal India falls 2.5%, Greenpeace files complain with Sebi

Moneycontrol Bureau

Shares of Coal India were down 2.5 percent in afternoon trade on Tuesday. Global activist group 'Greenpeace India' released its report  on Monday accusing the state-run company of misleading its investors by understating its extractable coal reserves by 16 percent at the time of its 2010 listing which was a violation of Indian Stock Exchange rules. The activist group has now reportedly filed a complaint with market regulator Sebi against Coal India.

"CIL says its extractable reserves stand at 21.7 billion tonne whereas its own research subsidiary CMPDIL pegs it at 18.2 billion tonne, which is over 16 per cent lower," Greenpeace's Ashish Fernandes said.

Don't miss: SBI, PNB, BoB lose 3% on Fitch, Moody's downgrade

He said the research report was done in 2011, a year after the company's mega public issue and added the state-run CIL continues to claim its reserves at the inflated level.

At 11:44 hrs Coal India was quoting at Rs 303.90, down Rs 0.85, or 0.28 percent on the BSE.

(With inputs from PTI)