Tuesday, June 11, 2013

Jindal Steel and Power Ltd slumps over 24%, m-cap down Rs 4,287cr amid FIR by C

Mumbai, Tue Jun 11 2013:--



Shares of Jindal Steel and Power Ltd today crashed over 24 per cent 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 per cent to Rs 202 – its 52-week low on the BSE.



At the NSE, the stock tumbled 24.13 per cent 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.
News From: http://www.7StarNews.com

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