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Coal India Gains 3% as Workers End Strike

The strike had resulted in massive production drop at Coal India. Its production dropped to 6.45 lakh tonnes on Tuesday, which is less than half of its usual daily output, according to Reuters.
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Coal India Gains 3% as Workers End Strike

Shares in Coal India gained as much as 3 per cent to a day high of Rs 385 on Thursday after its workers called off their nationwide 5-day strike after two days.

The strike was called off after the government assured the trade unions that the state-run Coal India will not be privatised and the employees' interest will be protected.

The strike had resulted in massive production drop at Coal India. Its production dropped to 6.45 lakh tonnes on Tuesday, which is less than half of its usual daily output, according to Reuters.

Coal India has fallen short of its output targets for the last six years, making the country the third largest coal importer despite sitting on the world's fourth largest reserves of the fuel.

As of 9.54 a.m., shares in Coal India traded 2.22 per cent higher at Rs 383 apiece, outperforming the broader Nifty, which was up 0.9 per cent.



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