JSPL slumps over 24%; m-cap down Rs 4,287 crore amid FIR by CBI
Quotes

JSPL slumps over 24%; m-cap down Rs 4,287 crore amid FIR by CBI

Last Updated: Tuesday, June 11, 2013, 14:26
 
 Comment 0
 
JSPL slumps over 24%; m-cap down Rs 4,287 crore amid FIR by CBI
Mumbai: Shares of Jindal Steel and Power Ltd on Tuesday crashed over 24 percent in morning trade, as Naveen Jindal and the company were named as accused in the fresh FIR filed by CBI in connection with the coal allocation scam.

Following the news, shares of JSPL went into tailspin and plunged 24.3 percent to Rs 202 -- its 52-week low on the BSE.

At the NSE, the stock tumbled 24.13 percent to a touch one-year low of Rs 202.75.

The scrip was the top loser among the blue-chips on both the key indices -- Sensex and Nifty.

Tracking weakness in the stock, the company's market capitalisation dipped by Rs 4,287 crore to Rs 20,659 crore.

Congress MP Naveen Jindal and former Minister of State for Coal Dasari Narayan Rao have been named as accused in the fresh FIR filed by CBI in connection with the coal allocation scam.

CBI has also booked Jindal Steel and Power and four other companies in the scam.

CBI sources said after registering the fresh cases, teams carried out searches today at 15 locations, including the residence of Congress MP from Kurukshetra Jindal and Rao at New Delhi and Hyderabad respectively.

Reacting to the development, Head of External Affairs, Jindal Steel and Power Ltd, Manu Kapoor said, "JSPL, as a law abiding company, is governed by a strong ethical code of conduct. This is an ongoing CBI investigation into coal block allocation. At this stage of investigation, JSPL is committed to fully cooperate with CBI."

Meanwhile, in the broader market, the BSE benchmark Sensex was trading at 19,156.09, down 284.98 points during the afternoon trade.

PTI




First Published: Tuesday, June 11, 2013, 14:26


Comments


comments powered by Disqus
New York Auto Show: 2015 Subaru Outback
New York Auto Show: 2015 Subaru Outback
New York Auto Show: Dodge Hot Cars
New York Auto Show: Dodge Hot Cars
New York Auto Show 2014: Hot Cars
New York Auto Show 2014: Hot Cars
Top 10 Fastest-Emerging Cities
Top 10 Fastest-Emerging Cities
Top Businesswomen in India
Top Businesswomen in India

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved