Jindal Steel slumps after CBI files fresh case

CBI has registered a case for alleged cheating and criminal conspiracy related to one of its largest functional coal mines in Chhattisgarh.

Image
SI Reporter Mumbai
Last Updated : Oct 20 2014 | 9:31 AM IST
Shares of Jindal Steel and Power were down over 6% at Rs 139 after the Central Bureau of Investigation (CBI) has registered a case for alleged cheating and criminal conspiracy related to one of its largest functional coal mines in Chhattisgarh.

The investigative agency lodged a First Information Report (FIR) against JSPL and unknown public servants for illegal mining beyond the approved area and excess coal mining, along with other charges in the Gare Palma IV/1 block, allocated to JSPL in June 1996 for production of sponge iron.

The case is based on a preliminary investigation (PE) registered by the CBI in September last year, looking into the allocations of coal blocks during 1993-2005.

The stock opened at Rs 141 and touched a low of Rs 136. Over 200,000 shares were traded on both the exchanges so far.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Oct 20 2014 | 9:30 AM IST

Next Story