Hindalco slides over 7%, ends up as top loser on Sensex, Nifty

MUMBAI: Shares of Hindalco Industries tumbled after its promoter Kumar Mangalam Birla was summoned as accused by a special court in coal scam case.

Hindalco finally closed 5.5 per cent lower on the BSE to Rs 130.45. It plunged as much as 7.78 per cent in intraday trade to Rs 127.30. The stock was the biggest loser among the blue-chips on both Sensex and Nifty.

Former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, ex-coal secretary P C Parakh and three others were today summoned as accused by a special court in a coal scam case pertaining to allocation of Talabira-II coal block in Odisha in 2005 and asked to appear before it on April 8.

The court also summoned M/s Hindalco, its officials Shubhendu Amitabh and D Bhattacharya as accused in the case.

The case pertains to allocation of Talabira II coal block in Odisha to M/s Hindalco in 2005, when the then Prime Minister Singh was holding the coal portfolio.