Coal India down on strike notice

Coal India is down over 1.2% at Rs.259 levels, with an intra day low and high at Rs.256.30 and Rs.268 respectively. Volumes are at around 57,000 shares.

The stock is down after its union sent out a notice for strike yesterday. The Press Release issued by the company states, “"Five Central Trade Unions operating in Coal India Limited and its subsidiaries have served strike notice for 3 days with effect from 23rd September’2013 to 25th September’2013 against proposed divestment of 5% of CIL shares and other demands.

It is understood that All India Coal Workers’ Federation (CITU) has decided to withdraw their 3 days strike in Coal India Limited and its subsidiaries commencing from 19th September, 2013 and join other unions for 3 days strike from 23rd September’2013 to 25th September’2013."