)
Jindal Steel and Power Limited (JSPL) has plunged around 5% on reports about CBI registering a fresh case against the company for alleged diversion of forest land in the state of Jharkhand.
A preliminary enquiry was registered by CBI on Friday, October 24, 2014, against Naveen Jindal headed JSPL and some yet to be identified officials in the ministry of environment and forests for alleged diversion of forest lands of Saranda forest for the Ghatkuri iron ore mining lease between 2007 to 2013.
Saranda forest is a dense forest area in the West Singhbhum district of Jharkhand which along with adjoining areas falls inside the Singhbhum Elephant Reserve.
In a clarification the company stated, "JSPL reiterates that all its actions are in keeping with the legal framework of the country and that it complies with the law in letter and in spirit. JSPL continues to co-operate with all the authorities in a responsive manner."
The shares opened at Rs 160 and has hit a low of Rs 156 on BSE so far.
