JSPL gains 4% intraday as trial court gives bail to Naveen Jindal

MUMBAI: Shares of Jindal Steel and Power rallied as much as 4.36 per cent in intraday trade after the trial court granted bail to Naveen Jindal in coal scam case.

He had applied for bail on basis of good account.

The stock ended the day at Rs 137.70; up 1.06%.

However, the court has ordered Jindal and other accused to not leave the country.

Former MoS for coal Dasari Narayan Rao, former Jharkhand CM Madhu Koda and are accused in coal block allocation scam case.

In its chargesheet, the CBI alleged that Jindal had promised Congress support to the then "unstable" Koda government in Jharkhand in return for a recommendation for allocation of Amarkonda Murgadangal coal block to his group firms. Koda, then an independent MLA, was CM of Jharkhand from September 2006 to August 2008 with the support of the Congress, RJD and others.

The five firms that have been summoned as accused by the court are: JSPL, Gagan Infraenergy Ltd (formerly known as GSIPL), Jindal Realty Pvt Ltd, Sowbhagya Media Ltd and New Delhi Exim Pvt Ltd.