JSPL stock crashes 19% on reports of filing of FIR in coal scam

Stocks

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, June 11, 2013, 12:10 [IST]

Jindal Steel & Power (JSPL) shares crashed 19 per cent in trade today, hitting a 52-week low of Rs 202 nearly 18 percent lower. The scrip touched a fresh 52-week low of Rs 202 on reports that the Central Bureau of Investigation (CBI) lodged FIR against 4 companies including JSPL in the coal gate scam.

CNBC-TV18 has reported that CBI is conducting raids at 15 locations in Delhi in connection with the coal scam.
JSPL is one of India's major steel producers with a significant presence in sectors like Mining, Power Generation and Infrastructure.

With an annual turnover of over US$ 3.5 billion, JSPL is a part of the US$ 18 billion diversified O. P. Jindal Group and is consistently tapping new opportunities by increasing production capacity, diversifying investments, and leveraging its core capabilities to venture into new businesses. The company has committed investments exceeding US$ 30 billion in the future and has several business initiatives running simultaneously across continents.

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