Jindal Steel and Power hits three-year low

The stock has fallen almost 8% in past three trading sessions as compared to 1% rise in benchmark Sensex.

Jindal Steel and Power Limited (JSPL) is trading lower by 3% at Rs 324, its lowest level since May 20, 2009 on the Bombay Stock Exchange.

The stock of Naveen Jindal Group Company is under pressure for the past couple of days on concerns of de-allocation of coal blocks. The stock has fallen almost 8% in past three trading sessions as compared to 1% rise in the benchmark index, Sensex.

According to media reports, the coal controller report recommended the Inter Ministerial Group (IMG) to de-allocate coal blocks to JSPL and Bhushan Steel.

“The report of an IMG on the allocation of coal blocks is likely to be finalised this week. However, the deallocation recommendations in the report would only cover private companies, as public sector companies are yet to present their cases before the IMG,” the report suggests.

 

The stock opened at Rs 335 and hit a high of Rs 336 on the NSE. A combined 1.04 million shares changed hands on the counter in morning deals.