Coal India shares close over 2% lower on reports of capex revision

Shares of Coal India (CIL) fell over 2 per cent in the late morning trade on Thursday after the state-run coal mining company announced that it may revise the estimates of its capital expenditure (capex) for the next five years.

"The current estimate of total capex is Rs 60,000 crore over the next five years. But it may get revised due to Land Acquisition Bill," Chairman Sutirtha Bhattacharya said at the Coal India AGM in Kolkata on Wednesday.

He said that there were some issues with regard to land acquisition and the final capex amount would eventually depend on the amount of land required.

Shares of the company closed at Rs 318.60 apiece, lower by 2.79 per cent from its previous close on Bombay Stock Exchange (BSE).