Business Standard

Shares of India's JSW Group drop after rape allegation against chairman

Shares of JSW Group fell as much as 5% on Monday, a day after its billionaire Chairman Sajjan Jindal said that local media reports accusing him of rape were "false and baseless".

Sajjan Jindal jsw

Flagship firm JSW Steel slid 1.8%, while JSW Energy and JSW Infrastructure reversed losses to trade about 0.1% and 1.7% higher, respectively.

Reuters BENGALURU

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Shares in Indian steel-to-power conglomerate JSW Group fell as much as 5% on Monday, a day after its billionaire Chairman Sajjan Jindal said that local media reports accusing him of rape were "false and baseless".

Flagship firm JSW Steel slid 1.8%, while JSW Energy and JSW Infrastructure reversed losses to trade about 0.1% and 1.7% higher, respectively.

On Sunday, local media reported that a 30-year-old woman had filed a rape complaint against Jindal at a Mumbai police station. The media said the alleged incident occurred last year.

In an email to Reuters, Jindal denied the allegations and said that he would cooperate with any investigation.

 

As of Friday's close, JSW Steel had notched seven consecutive weeks of gains, while JSW Infrastructure had climbed for three straight weeks.

Shares of JSW Steel has risen more than 11% so far this year, while JSW Energy surged over 51%. JSW Infrastructure has mounted nearly 49% since listing in early October this year.

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Dec 18 2023 | 5:26 PM IST

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