MUMBAI: Shares of Coal India gained nearly three per cent today as coal workers called off their nationwide strike after the government assured trade unions that the state-run CIL will not be privatised and the employees' interests will be protected.
CIL's scrip climbed 2.69 per cent to Rs 385 at the BSE. On the NSE, it rose by 2.74 per cent to Rs 385.
Coal workers last night called off their nationwide strike after two days as the government assured trade unions that the state-run Coal India Ltd (CIL) will not be privatized and the employees' interests will be protected.
In two days, the strike caused an estimated production loss of Rs 300 crore with over 75 per cent of the daily 1.5 million tonnes output taking a hit.
There were also apprehensions that a prolonged strike could lead to a possible electricity crisis if nearly 100 thermal power plants run out of fuel supplies.
Nearly five lakh coal workers had gone on a strike day before yesterday after five major trade unions, including the BJP-backed Bharatiya Mazdoor Sangh, gave a call for the
biggest ever industrial action in four decades against what they called as attempts for "disinvestment in Coal India and denationalisation of coal mining."