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JSPL stock sheds 12% as Deutsche Bank files Suspicious Activity Reports

JSPL sent a total of $4.85 million in 2015 and a sum of $12.83 million in 2016

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Saddled with high debt, JSPL has been looking to lighten its balance sheet for a while now

Aditi Divekar Mumbai
Shares of Naveen Jindal-led Jindal Steel & Power (JSPL) tumbled 12 per cent on Monday following reports that Deutsche Bank Trust Company Americas (DBTCA) filed Suspicious Activity Reports (SARs) on fund transfers by the company for two consecutive years. The report on money laundering led to the company losing market cap of Rs 2,366 crore intraday.
 
The company, however, said all transactions by the company were part of routine business activities and that all had proper underlying assets.
 
This was revealed by leaked documents, called the FinCEN files, most of which were files sent to the US authorities

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First Published: Sep 21 2020 | 7:24 PM IST

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