Coal India (CIL) saw its shares falling
as much as 3.4 per cent on Wednesday after the competition regulator imposed a Rs 1,773 crore ($290 million) fine on the state-run miner.
The Competition Commission of India (CCI) found
CIL abusing its dominant position and imposing unfair conditions in
fuel supply agreements (FSAs) with customers.
The regulator on Tuesday issued a "cease and desist order" to the miner and directed it to modify clauses in its FSAs related to sampling and testing transportation charges and compensation on supply of stones.
Reacting to the news, shares of CIL slumped 3.4 per cent in early trade on Wednesday. The scrip recovered a little but was still trading down 0.37 per cent at Rs 284.40 on the Bombay Stock Exchange.
CIL accounts for 80 per cent of the country's coal output.
With inputs from ReutersDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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