JSPL shares down over 4% on CBI filing chargesheet

Shares of Jindal Steel & Power Ltd (JSPL) ended over 4 per cent lower today after the CBI filed a chargesheet against company’s owner Naveen Jindal in connection with a coal block allocation scam case.

The stock closed the day with a loss of 4.16 per cent at Rs 139.55. During the day, it plunged 7.28 per cent at Rs 135.

JSPL’s scrip fell by 4.21 per cent to end at Rs 139.60.

Following the dip in the stock, the company’s market valuation fell by Rs 552.52 crore to Rs 12,767.48 crore.

On the volume front, 9.13 lakh shares of the company changed hands at the BSE and over 98 lakh shares were traded at the NSE.

Yesterday, the CBI filed the chargesheet against the company’s owner and Congress leader Naveen Jindal, ex-Minister of State for Coal Dasari Narayan Rao, former Jharkhand Chief Minister Madhu Koda and 12 others in connection with the Amarkonda Murgadangal coal block allocation case.

Jindal Steel refuted allegations made by the CBI in its chargesheet about allocation of a coal block and said the company will be availing appropriate remedy in accordance with the law.

In a statement issued after the CBI filed the chargesheet against the company, JSPL spokesperson said, “We are shocked to know from the media about filing of a charge sheet by CBI with respect to allocation of a coal block.”

The company claimed that the allocation was made to it on merit. “During the course of the investigation the company and its officials fully co-operated with the authorities, and whenever asked, explained and provided all the supporting documents,” it said.

Refuting all the allegations made against the company, the spokesperson said, “We will be availing appropriate remedy in accordance with law. We have full faith in our judiciary and are confident to come out clean during the process.”

In the stock market, the BSE benchmark Sensex ended at 27,011.31, down 214.62 points.

http://www.business-standard.com/article/pti-stories/jspl-shares-down-over-4-on-cbi-filing-chargesheet-115043000692_1.html

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