JSPL tumbles on buzz of CBI enquiry

Jindal Steel & Power tumbled 5.64% to Rs 156.45 at 10:51 IST on BSE on buzz CBI registered a preliminary enquiry against the company for alleged diversion of forest land in Jharkhand.

Meanwhile, the S&P BSE Sensex was up 50.25 points or 0.19% at 26,901.30.

On BSE, so far 4.39 lakh shares were traded in the counter as against average daily volume of 7.70 lakh shares in the past one quarter.

The stock hit a high of Rs 160.10 and low of Rs 155 so far during the day. The stock had hit a 52-week low of Rs 128 on 20 October 2014. The stock had hit a 52-week high of Rs 350 on 9 June 2014.

The stock had underperformed the market over the past one month till 23 October 2014, sliding 21.33% compared with Sensex's 0.28% rise. The scrip had also underperformed the market in past one quarter, declining 43.64% as against Sensex's 2.69% rise.

The large-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.

According to reports, the Central Bureau of Investigation (CBI) registered a preliminary enquiry against Jindal Steel & Power and some yet to be identified officials in the ministry of environment and forests for alleged diversion of forest land in Jharkhand.

Jindal Steel & Power's consolidated net profit fell 15.4% to Rs 418.13 crore on 8.5% growth in net sales to Rs 4870.44 crore in Q1 June 2014 over Q1 June 2013. The company unveils Q2 September 2014 results on 4 November 2014.

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

Powered by Capital Market - Live News