JSW shares plunge on controversy over understating debt

Shares of JSW Steel today plunged over 3% in intra-day trade amid controversy over brokerage firm Credit Suisse AG's report that the company has understated its debt by Rs 11,900 crore in 2011-12.

Shares fell a little over 3% to a low of Rs 693.35 on the BSE before recovering some of the losses. The stock finally ended the day 1.60% lower at Rs 703.55, even as Credit Suisse issued a clarification today saying that it has no reason to suspect deliberate under-reporting of debt by JSW Steel.

Similar movements in the scrip were seen on the National Stock Exchange, where the stock dived 3.33% in the intra-day trade. Later, it closed the day at Rs 702, down 1.93%.