Shares of Coal India slumped as much as 4.7 percent early on Monday on a media report that the government was looking to accelerate a 10 percent stake sale in the world's largest coal miner.

The Economic Times reported the government was "quickly pushing ahead" with a 10 percent stake sale in Coal India with an aim to raise 200 billion rupees, without citing sources.

The finance ministry has cleared the proposal and sent it for approval by the government cabinet, the newspaper reported.

Coal India shares were down 4.5 percent as of 9:24 a.m.