The investigating team has filed charges against showmen of Essar Group-Ravi Ruia and Anshuman Ruia, Essar Group's Director for strategy and planning-Vikas Saraf and Loop Telecom promoters IP Khaitan and Kiran Khaitan with 420 and 12b deals with cheating and criminal consipracy.

Essar officials were also charged for controlling Loop Telecom as they already held substantial stakes in Vodafone. They have been charged for violating telecom license guidelines for being anti-competitive in nature.

Essar stocks seen a sharp fall, it may see further downward pressure, if the investigation continues.

However, the group denied all charges and will proceed for a legal recourse.

Essar Oil has slipped around 34% in the three months, one of the steepest fall.

On the Bombay Stock Exchange (BSE), at 12.50pm, Essar Oil was down by 1.92% at Rs 58.60, Essar Shipping was down 0.5% at 21.95 and Essar Ports was at Rs 57.90, down by close to 6.08%.

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