Moneycontrol Bureau
Coal India fell nearly 10 percent in early trade on Friday as the stock is quoting ex-dividend. The country's largest coal mining company on January 14 announced an interim dividend of Rs 29 per share for the financial year 2013-14.
The company has fixed January 20 as the record date for the purpose of payment of interim divided that will be paid on and from January 25.
Coal India will pay total dividend of Rs 18,317 crore and out of that the government, which holds 90 percent shareholding, will get Rs 16,485.71 crore.
The decision of dividend was after the government failed to divest 10 percent of its shares in this year. Trade unions were opposed for further disinvestment in Coal India that was listed in November, 2010 after a blockbuster initial public offer.
At 09:34 hours IST, the stock was trading at Rs 277.80, down 8.23 percent on the Bombay Stock Exchange. The stock had gained 4.4 percent in previous sessions, especially after announcement of dividend.
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