Jindal Steel & Power lost 6.38% to Rs 237 at 15:09 IST on BSE, with the stock extending Monday's slump triggered by the Supreme Court terming the method of allotment of coal blocks between 1993 and 2011 as illegal.
Meanwhile, the S&P BSE Sensex was up 1.18 points at 26,438.20
The stock dropped on high volume. On BSE, so far 16.66 lakh shares were traded in the counter as against average daily volume of 3.55 lakh shares in the past one quarter.
The stock hit a high of Rs 244.65 and low of Rs 232.35 so far during the day. The stock had hit a 52-week high of Rs 350 on 9 June 2014. The stock had hit a 52-week low of Rs 213.50 on 30 August 2013.
The stock had underperformed the market over the past one month till 25 August 2014, falling 10.69% compared with 1.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 15.83% as against Sensex's 7.06% rise.
The large-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.
Shares of Jindal Steel & Power (JSPL) have lost 20.47% in two trading days from Rs 294.25 on 22 August 2014. The stock lost a staggering 13.97% to settle at Rs 253.15 in a single trading session on Monday, 25 August 2014 after the Supreme Court on Monday, 25 August 2014 termed the method of allotment of coal blocks between 1993 and 2011 as illegal. The allocations had no "objective criteria" and "no fair and transparent procedure", the judges said, adding they were impermissible. The quashing of these allocations still remains to be decided in further hearings. The court suggested the appointment of a panel of retired apex court judges to help the court in this matter. The case will be heard on 1 September 2014. The Supreme Court further disallowed exploitation of captive mines by ultra mega power projects, adding that captive mines cannot be used for commercial purposes.
JSPL's consolidated net profit fell 15.4% to Rs 418.13 crore on 10.3% increase in total income to Rs 5068.79 crore in Q1 June 2014 over Q1 June 2013.
JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.
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