JSW Steel plunges on coal block de-allocation buzz
The panel also recommended forfeiting of bank guarantees of JSW Steel and Himachal EMTA.
JSW Steel is trading lower by 3% at Rs 690 in otherwise firm market on report that the inter-ministerial group (IMG) recommended the cancellation of mining license of a coal block held by the company.
“The panel also recommended forfeiting of bank guarantees of JSW Steel and Himachal EMTA, which failed to develop the Gourangdih ABC block in time,” the report suggests.
The stock of JSW Steel opened at Rs 714 and touched low of Rs 686 on the National Stock Exchange. A combined 1.19 million shares have changed hands on the counter so far on both the exchanges.