Coal India hit by wage hike, down 3%
Shares of Coal India Ltd slipped over 3% in trade on Wednesday after the world's largest coal miner is expected not to hike prices after the wage increase agreement.
By ET Online | Updated:
NEW DELHI: Shares of Coal India Ltd slipped over 3% in trade on Wednesday after the world’s largest coal miner decided not to hike prices after the wage increase agreement.
State-run Coal India is not expected to raise prices after it finalised a wage increase agreement with its workers later this month, coal minister Sriprakash Jaiswal said.
Coal India last week said it will sign a five-year agreement with workers' unions to increase wages by 25 percent, adding about Rs 4,000 crore ($775 million) to its annual wage bill.
At 02:45 p.m., shares of the company were trading 2.8% lower at Rs 341.25. The stock has hit a low of Rs 336.35 and a high of Rs 358 so far in trade today.
State-run Coal India is not expected to raise prices after it finalised a wage increase agreement with its workers later this month, coal minister Sriprakash Jaiswal said.
Coal India last week said it will sign a five-year agreement with workers' unions to increase wages by 25 percent, adding about Rs 4,000 crore ($775 million) to its annual wage bill.
At 02:45 p.m., shares of the company were trading 2.8% lower at Rs 341.25. The stock has hit a low of Rs 336.35 and a high of Rs 358 so far in trade today.
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