Coal India shares fall over 3% as Q4 profit drops 17.7%

Shares of Coal India Ltd fell by over 3 per cent in morning trade on Monday after the company reported a 17.7 per cent drop in its March quarter net profit.

The stock declined 3 per cent to Rs 230 on the BSE.

At the NSE, it fell by 3.11 per cent to Rs 230.

Coal India Ltd, the world’s largest coal miner, on Sunday reported a 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees.

The company reported a consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in January-March quarter as compared to Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the company’s filing with stock exchanges.