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Coal India slips 4% due to floods, production concerns

The company's September 2019 coal production was down 23.5 percent at 30.77 mt against 40.25 mt, YoY.

October 03, 2019 / 11:45 AM IST
 
 
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Shares of Coal India slipped over 4 percent intraday on October 3 after one of its largest open-pit mines was flooded, which would halt production for at least a month.

The flooding at the Dipka mine, which produces more than 30 million tonne of thermal coal a year and accounts for around 5 percent of Coal India's output, could leave some power plants in eastern and central India scrambling for fuel, according to reports.

The company's September coal production was down 23.5 percent at 30.77 mt against 40.25 mt during the same period a year ago.

Also, offtake for September was down 20 percent at 35.18 mt versus 43.98 mt.

At 1125 hours, Coal India was quoting at Rs 187.40, down Rs 6.70, or 3.45 percent, on the BSE.

Moneycontrol News
first published: Oct 3, 2019 11:45 am

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