Jindal Steel Falls 8 per cent on CBI Investigations

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, October 20, 2014, 12:03 [IST]

Shares in Jindal Steel fell as much as 8 per cent in trade after reports that the CBI has registered a case of cheating and corruption against the company.

"It was alleged that Gare Palma IV/1 coal block was allocated to said private company for their sponge iron plant. It is, inter-alia, alleged that the company proposed and entered into irregular mining lease covering area much beyond the coordinates stipulated by Ministry of Coal, resorted to excess coal mining and irregular regularisation of area beyond coordinates," a PTI reported quoted an official as saying.

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