Hindalco, Nalco slide after CBI files FIR

Shares of Nalco and Hindalco Industries fell by 1.22% to 1.99% at 10:35 IST on BSE on reports the Central Bureau of Investigation has named Nalco and Aditya Birla Group Chairman Kumar Mangalam Birla in the coal block allocation scam.

Hindalco Industries (down 1.99%) and Nalco (down 1.22%), edged lower.

The BSE Sensex was down 58.67 points, or 0.28% at 20,548.87.

Hindalco Industries had underperformed the market over the past one month till 14 October 2013, sliding 1.51% compared with the Sensex's 4.43% rise. The scrip had, however, outperformed the market in past one quarter, rising 8.80% as against Sensex's 3.25% rise.

Nalco had underperformed the market over the past one month till 14 October 2013, falling 0.90% compared with the Sensex's 4.43% rise. The scrip had, however, outperformed the market in past one quarter, rising 10.79% as against Sensex's 3.25% rise.

According to reports, the Central Bureau of Investigation (CBI) has registered its 14th first information report (FIR) in the multi-crore coal blocks allocation scam. FIRs have been filed against Kumar Mangalam Birla, Hindalco Industries, state-run Nalco and former coal secretary PC Parakh. Cases of cheating, forgery and financial misrepresentation have been filed. CBI searches are going on in this connection at Hyderabad, Kolkata and Mumbai, reports added.

According to media reports, CBI is probing alleged irregularities in the allocation of 192 coal blocks which were made between 1993 and 2011. The agency has registered three preliminary enquiries relating to allocations between 2006 and 2009, allocations between 1993 and 2004 and allocations given to joint ventures. So far, the agency has registered 13 FIRs arising out of its preliminary enquiries covering allocations between 2006 and 2009.

Powered by Capital Market - Live News