JSPL stock wipes out early losses; gains 2% at close

Erasing all initial losses, shares of Jindal Steel & Power today ended nearly 2 per cent higher as the company denied all charges against Chairman Naveen Jindal, who has been summoned in a coal scam case.
After falling 4.27 per cent to Rs 128.90 in intra-day trade, shares of JSPL staged a comeback and finally ended at Rs 136.95, up 1.71 per cent on the BSE.
On the NSE, the stock settled 1.59 per cent higher at Rs 137.
In terms of volume, 6.76 lakh shares of JSPL changed hands at the BSE and over 52 lakh shares were traded at the NSE during the day.

Industrialist and Congress leader, Naveen Jindal and 14 others were yesterday summoned as accused in the coal blocks allocation scam case by a special court which observed that Jindal had prima facie "manipulated entire government machinery" to procure undue allotment in Jharkhand.
Besides Jindal, the court also summoned former Minister of State for Coal Dasari Narayan Rao, ex-Jharkhand Chief Minister Madhu Koda, ex-Coal Secretary Harish Chandra Gupta and others, including five companies, asking them to appear before it on May 22 after taking cognisance of CBI's charge sheet filed against them.

Meanwhile, JSPL has denied all charges against Jindal.
In a statement the company said: "We deny all allegations made against our company and its management. We will be availing of appropriate remedy in accordance with law. We have full faith in our judiciary and are confident to come out clean during the process."

It said the allocation was made to the company on merits and all along the course of the investigation the company and its officials have fully cooperated with the authorities.
In the borader market, the BSE benchmark Sensex ended at 26,599.11, down 118.26 points.