Coal India shares tank over eight percent

New Delhi: Shares of Coal India tanked more than eight percent in the early trade on Monday after the stock adjusted for interim dividend.
State-run coal mining company said board of directors, on March fifth approved payment of interim dividend for the financial year 2015-16 at Rs. 27.40 per share on face value of Rs. 10.

Date of payment of interim dividend is on and from March 21, it added.

The company has fixed March 15 as record date for payment of interim dividend. In FY15 and FY14, it paid dividend of Rs. 20.7 per share and Rs. 29 apiece, respectively.

According to a media report, Coal India is likely to announce a five percent equity buyback in the new fiscal, helping the Centre raise up to Rs. 10,700 crore, or about 19 percent of its disinvestment target.

The announcement had an immediate effect on the share, which was quoting at Rs. 294.95, down Rs. 24.10, or 7.55 percent on the BSE. (ANI)