JSPL drops 8% as SC refuses to pass order on Sarda Mines case

Shares of Jindal Steel and Power tanked 8 per cent in the afternoon trade on Tuesday after the Supreme Court refused to pass an interim order in Sarda Mines case.

In a setback to the compant, the apex court declined to allow sale or transport of Rs 2,000-crore worth iron ore claimed by Jindal Steel and Power.


The court will hear the case next on January 17, 2020.

Following the news, the stock plunged 8 per cent to Rs 146.65 on BSE. The stock has underperformed BSE Sensex and is down 11 per cent year-to-date.

Only two of the 15 stocks in Nifty Metal index were trading with gains—NMDC, up 1.56 per cent to Rs 107.15 and MOIL, up 0.44 per cent to Rs 136.25.

The shares of the company closed 6.84 per cent lower at Rs 148.50 on BSE.