Coal miner NLC India slips after government proposes to sell stake

NLC India

07/03/2024 04:02

** Shares of coal miner NLC India  NLCI.NS  down ~3% at 219
rupees
    ** Indian government proposes to sell up to 7% stake in co
via an offer for sale
    ** Floor price of offer is 212 rupees per share, ~6%
discount to NLCI's Wednesday close     
    ** Government holds a 79.2% stake in NLCI
    ** Stock eyes third straight week of decline
    ** Stock, which had nearly tripled in 2023, is down ~13% so
far this year

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))