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Coal India tanks 8% post adjustment for interim dividend

State-run coal mining company says board of directors, on March 5, approved payment of interim dividend for the financial year 2015-16 at Rs 27.40 per share on face value of Rs 10.

Shares of Coal India fell more than 8 percent in early trade Monday after the stock adjusted for interim dividend.

Meanwhile, "Coal India is likely to announce a 5 percent equity buyback in the new fiscal, helping the Centre raise up to Rs 10,700 crore, or about 19 percent of its disinvestment target," said a media report quoting unnamed sources.

At 09:17 hours IST, the scrip of Coal India was quoting at Rs 294.95, down Rs 24.10, or 7.55 percent on the BSE.