Shares of Coal India fell sharply by 6% after the finance minister announced the opening up of the mining sector to private parties on Saturday. Government will end CIL’s monopoly in coal mining. Nearly 50 blocks will be up for bidding, and the government will invest Rs.50,000 crore for building evacuation infrastructure. The privatization of coal will be accompanied by privatization of bauxite mines. A total of 500 blocks of minerals will be auctioned. In addition, the distinction between captive and non-captive mines will be removed to allow the transfer of mining leases and the sale of surplus unused minerals, leading to better efficiency and production. The monopoly of CIL is likely to be substantially diluted and that was reflected in the prices.