Metal stocks melt as SC terms coal allocation “illegal”

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 Metal stocks melt as SC terms coal allocation “illegal”
Jindal Steel & Power: Quotes, News
BSE 73.10BSE Quote1.7 (2.33%)
NSE 73.10NSE Quote1.85 (2.53%)
Hindalco Industries: Quotes, News
BSE 178.90BSE Quote4.05 (2.26%)
NSE 179.20NSE Quote4.15 (2.32%)
Shares in metal companies tanked in trade as the Supreme Court termed the coal allocation since 1993 as "illegal".

Hardest hit in trade was Jindal Steel which fell 5 per cent, while Hindalco which had dropped sharply in early part of trade recovered lost ground.

Power stocks were also rattled with JSW Energy, Reliance Power and NHPC all dropping in trade.

Meanwhile, PTI reported that welcoming the Supreme Court judgement on coal mines issue, government said it will request the apex court to expeditiously resolve the issues to help increase domestic availability and reduce dependence on imports.
The government is awaiting Supreme Court to deliver its final view on how the mines "illegally" allocated between 1993 and 2010 should be treated, Coal and Power Minister Piyush Goyal told reporters.

"The government should request the Supreme Court this way, or whatever way, decide fast...otherwise country will have to continue to import coal from abroad," a senior government functionary said.

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Read more about: mining, metal stocks
Story first published: Tuesday, August 26, 2014, 10:56 [IST]
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