JSPL Shares Slump 15% as Govt Rejects Bids for 4 Coal Blocks

Mumbai, Mar 23 (PTI) Shares of Jindal Steel and Power slumped as much as 15 per cent in morning trade today after the government rejected bids made by the company during the auction of coal blocks held recently.

Reacting to the development, shares of JSPL opened on a weak note, then lost further ground and slipped 14.97 per cent to touch an intra-day low of Rs 140.25 on the BSE.

JSPL Shares Slump 15% as Govt Rejects Bids for 4 Coal Blocks
Jindal Steel & Power: Quotes, News
BSE 81.55BSE Quote0.65 (0.80%)
NSE 81.50NSE Quote0.75 (0.92%)

Similar movement was witnessed on the National Stock exchange as well, where the stock opened at Rs 150, then fell 14.91 per cent to a low of Rs 140.

On Saturday, the government had rejected bids of Jindal Steel and Power Ltd (JSPL) amid speculation of cartelisation during the auction of coal blocks. "Bids for Gare Palma IV/1, IV/2, IV/3 and Tara coal blocks not accepted," Coal Secretary Anil Swarup had tweeted.

Jindal Power had emerged as successful bidder for Gare IV/2, Gare Palma IV/3 and Tara Coal blocks while Bharat Aluminium Company(Balco) had won Gare Palma IV/1 coal block. 

PTI

Read more about: jspl
Story first published: Monday, March 23, 2015, 13:40 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?