JSW shares plunge 4% on BSE
Shares of JSW steel on Monday nosedived by over 4 per cent amid media reports that JSW Steel's plan to acquire a coal block in Jharkhand seemed to have run into trouble with one of its joint venture partners, Jai Balaji Sponge Ltd, walking out of ...
By PTI |
MUMBAI: Shares of JSW steel on Monday nosedived by over 4 per cent amid media reports that JSW Steel's plan to acquire a coal block in Jharkhand seemed to have run into trouble with one of its joint venture partners, Jai Balaji Sponge Ltd, walking out of the proposed consortium.
Reports said JSW alongwith Bhushan Steel and Power Ltd and Jai Balaji had formed a JV company to acquire the Rohne coal block in Jharkhand to secure the coal for their captive use. But since Jai Balaji had not sent any representative for attending any meeting of the proposed JV company, JSW has approached the Coal Ministry to enable them go ahead.
The JV company was aiming to extract 230 million tonnes of coal from the block for their 900 MW captive power plant.
The JSW scrip fell to an intra-day low of Rs 673.25 but settled at Rs 676.40, down 3.69 per cent on the BSE.
A total of 2,33,651 equity shares of JSW Steel had changed hands on the Bombay Stock Exchange today.
However, when contacted JSW Director Finance Seshagiri Rao denied that Jai Balaji had walked out of the consortium.
Reports said JSW alongwith Bhushan Steel and Power Ltd and Jai Balaji had formed a JV company to acquire the Rohne coal block in Jharkhand to secure the coal for their captive use. But since Jai Balaji had not sent any representative for attending any meeting of the proposed JV company, JSW has approached the Coal Ministry to enable them go ahead.
The JV company was aiming to extract 230 million tonnes of coal from the block for their 900 MW captive power plant.
The JSW scrip fell to an intra-day low of Rs 673.25 but settled at Rs 676.40, down 3.69 per cent on the BSE.
A total of 2,33,651 equity shares of JSW Steel had changed hands on the Bombay Stock Exchange today.
However, when contacted JSW Director Finance Seshagiri Rao denied that Jai Balaji had walked out of the consortium.
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