Shares of Jindal Steel and Power Ltd fell as much as 15.7% to Rs.248.15, Hindalco Industries Ltd fell 11.7% to Rs.160.8, Sesa Sterlite Ltd fell 4.5% to Rs.278.60, Tata Steel Ltd fell 5.2% to Rs.509.55.
The Supreme Court has cancelled all coal blocks except government run non-JV allotments. According to experts, this was on expected lines after the apex court had judged all coal block allocations post 1992 as illegal.
Former coal secretary P.C. Parakh appeared before officials of the Central Bureau of Investigation (CBI) on THursday for questioning in connection with a case of allegedly abusing his official position to grant an Odisha-based coal block to Hindalco.
Former Coal Secretary PC Parakh, against whom the CBI has registered a case for allegedly favoring Hindalco in coal block at Odisha, has accused CBI Director Ranjit Sinha of having acted against him to impress the Supreme Court.
With Odisha Chief Minister`s letter to the Prime Minister about coal block allocation coming under the CBI scanner, the BJP demanded why he had `selectively recommended` the case of Hindalco giving it `preferential treatment`.
Hindalco Industries Ltd, the metals
flagship company of the Aditya Birla Group, on Tuesday said it has
received approval from its shareholders for raising funds up
to Rs 2,900 crore through issuing securities.
Aditya Birla group company Hindalco Industries Ltd on Monday said its shareholders have approved the raising of funds up to Rs 2,400 crore by issuing securities in the domestic or international markets.