Jindal Steel's stock plummets as CBI files case against it

The Jindal Steel Power stock nosedived Tuesday after the Central Bureau of Investigation (CBI) registered a case against its promoter Naveen Jindal for his alleged role in the coal-blocks allocation scam.

The scrip ended the day 15.18 percent down at Rs.226.35 after touching Rs.202.75, the lowest in four years, at the Bombay Stock Exchange.

"It is alleged that two steel and iron companies based in Delhi misrepresented facts to get coal-blocks. Also, there was alleged investment in a Hyderabad-based firm from the group of companies based at Delhi," said the CBI.