JSW Steel denies media reports of CBI raid

Stocks

oi-Shoaib

By Shoaib Md

Published: Monday, October 3, 2011, 14:14 [IST]

The country's third biggest steel company JSW Steel issued its statement on the Bombay Stock Exchange and denied news reports of raids by the CBI at its Vijaynagar unit in Karnataka.

In its filing the company said, "CBI (Central Bureau of Investigation) team visited company's Vijayanagar works today morning and sought certain information about procurement of iron ore".

The company said it has been acquiring iron ore from various souurces to meet its steel production needs, all of which has been paid and accounted for.

The Japan's JFE holds 14.8% and it hit a 52-week low of Rs 540 rupees.

It, JSW Steel, is part of the OP Jindal Group and is one of the lowest cost steel producers in the world, according to the BSE filing.

For investors, we would recommend to stay away from the company as it is not clear out of the woods. There could be further raids and clarifications seeked.

GoodReturns.in