The Indian government’s offer for sale (OFS) of Coal India shares was fully subscribed in under four hours of trading on Thursday. The government received bids for 8.56 crore shares, against the 8.31 crore shares on offer for institutional investors. Retail investors may still invest in the OFS on Friday, with 10% of the offer reserved for them. Although the OFS has provided an opportunity for arbitrage, shares in Coal India lost almost 5% of their value on Thursday, falling to INR229.85 ($3.49).
Dalal Street Week Ahead: Sideways consolidation likely to persist amid global trade uncertainty
The Nifty experienced a week of range-bound trading, closing slightly lower with a 0.53% loss. Facing resistance near the upper edge of a rising channel,