JSPL tumbles 18.2% in 2 days

Meanwhile, the S&P BSE Sensex was down 50.42 points or 0.27% at 18,668.87.

The stock fell on high volumes. On BSE, 25.08 lakh shares were traded in the counter as against average daily volume of 4.04 lakh shares in the past one quarter.

The stock hit a low of Rs 196 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 220.20 so far during the day. The stock had hit a 52-week high of Rs 480 on 5 July 2012.

The stock underperformed the market over the past one month till 20 June 2013, sliding 27.94% compared with the Sensex's 7.44% fall. The scrip had also underperformed the market in past one quarter, falling 34.25% as against Sensex's 0.87% decline.

The large-cap company has equity capital of Rs 93.48 crore. Face value per share is Re 1.

Shares of Jindal Steel and Power (JSPL) have tumbled 18.24% in two trading sessions from a recent high of Rs 245.80 on 19 June 2013. The stock had tumbled 9.62% to settle at Rs 222.15 on Thursday, 20 June 2013.

As per reports, a foreign brokerage has downgraded the stock to sell and reduced its target price to Rs 230 from Rs 290.

Early this month, the Central Bureau of Investigation filed an FIR in the Coalgate case in which JSPL Chairman Naveen Jindal and JSPL, as well as a former minister of state for coal Dasari Narayan Rao have been named. The CBI has alleged that Rao was paid kickbacks for favouring coal block allocation to the Jindal firm.

JSPL's consolidated net profit declined 34.9% to Rs 760.23 crore on 2.2% growth in net sales to Rs 5583.33 crore in Q4 March 2013 over Q4 March 2012.

JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.

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