Volume Shocker: Jindal Steel & Power

JSPL stock price has seen huge beating, fallen 35% from high of Rs 663 touched on February 17

Jindal Steel and Power Limited (JSPL) has soared 8% to Rs 466, its sharpest single day gain in past three months, on back of huge volumes.

As many as a combined 5.02 million shares have already changed hands on the counter so far, against an average 1.6 million shares that were traded daily in past two weeks. The stock opened at Rs 435 and hit a high of Rs 467 on the National Stock Exchange.

JSPL stock price has seen huge beating since Feb-12, fallen 35% from high of Rs 663 touched on February 17. It has underperformed both Metal index as well as BSE-30 index, which declined 17% and 6% respectively.

According to Reuters report, at least two Asian banks have committed to the $150 million five-year term loan for JSPL in general syndication. The company will utilize the funds for refinancing existing debt, working capital and general corporate purposes.