Coalgate: JSPL hits 52-week low on CBI probe; m-cap down Rs 4287 crore

MUMBAI: Shares of Jindal Steel & Power plunged 24 per cent to hit its 52-week low of Rs 202 in afternoon trade on Tuesday, as Naveen Jindal and the company were named as accused in the fresh FIR filed by CBI in connection with the coal allocation scam.

At 02:23 p.m.; the stock recouped most of its losses and was trading 13.7 per cent lower at Rs 229.70. It touched a high of Rs 266.70 and a 52-week low of Rs 202 in trade today.

The scrip was the top loser among the blue-chips on both the key indices -- Sensex and Nifty. Tracking weakness in the stock, the company's market capitalisation dipped by Rs 4,287 crore to Rs 20,659 crore, PTI reported.

Former Minister of State for Coal Dasari Narayan Rao and Member of Parliament Naveen Jindal are named as accused in the FIR. The investigative agency conducted searches in 15 places including Delhi & Hyderabad.

CBI has also booked Jindal Steel and Power and four other companies in the scam.

According to reports, Jindal Realty and Gagan Sponge are other two companies named in the FIR.

PTI quoted Head of External Affairs, Jindal Steel and Power Ltd, Manu Kapoor as saying: "JSPL, as a law abiding company, is governed by a strong ethical code of conduct. This is an ongoing CBI investigation into coal block allocation. At this stage of investigation, JSPL is committed to fully cooperate with CBI."