Sesa Goa crashes on fears of SFIO enquiry

The stock touched a low of Rs 274 - down over 13% and finally ended at Rs 276 - down 12.5%. Over 5.59 million shares were traded on the BSE today.
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(Updated at 1104 hrs)

Sesa Goa has tumbled in trades today on news of a enquiry by the Serious Fraud Investigation Office (SFIO).

The stock opened at Rs 310 and thereafter crashed 13% to touch a low of Rs 275. The stock has recoevered marginally and is now down 9.3% at Rs 286. The stock has dropped 18% in the past week.

The counter has clocked hefty volumes of 2.50 million shares on the BSE so far.

The scope includes verifying the past eight years’ financials, said a government official. “The investigation period also includes the time after Vedanta acquired Sesa Goa in April 2007. The movement of the share prices will be checked as part of the investigation,” said the official.