Coal India hit a fresh 52-week low of Rs 238, falling 6% in three days after the government offloaded more than two percentage point stake in the company to an asset management company (AMC).
The President of India, acting through the ministry of Coal, Government of India has sold 137.11 million equity shares representing 2.21% stake of Coal India to Reliance Nippon Life Asset Management, as the AMC of the CPSE ETF mutual fund scheme. Post transaction, the Government of India’s holding in Coal India declined to 72.92%.
Reliance Capital was trading 2% lower at Rs 207, falling 11% in past three trading days on the BSE. Anil Ambani Group Company has interests in asset management and mutual funds; life, general and health insurance, commercial and home finance, equities and commodities broking, wealth management services, distribution of financial products, asset reconstruction and proprietary investments.
SAIL has dipped 4% to Rs 50.80, falling 25% in past one month amid fears of demand slowdown. The steel prices witnessed temporary weakness due to demand disruption on account of Assembly Elections in four major states i.e. Chhattisgarh, Madhya Pradesh, Telangana, and Rajasthan. A slowdown in China's domestic steel demand also impacted the prices.
Shares of Deepak Fertilisers & Chemicals hit two year low of Rs 147, down 31% in past one month, after it reported a 56% drop in net profit at Rs 190 million in September 2018 quarter (Q2FY19). The company said profitability was adversely impacted due to rupee depreciation and a significant rise in raw material prices.