SP Tulsian negative on Jindal Steel & Power

SP Tulsian, sptulsian.com told CNBC-TV18, "It is a double whammy for Jindal Steel & Power (JSPL). First is the concern on all the ferrous metal stocks. If you see JSW Steel, Tata Steel, Steel Authority of India (SAIL), I think the kind of performance they have or the problem they have been facing is really very tough.”

“Second is the Central Bureau of Investigation (CBI) hangover. I think that CBI action is likely to get intensified. Last week when we saw some relief coming in that was more on the news flow that the company is looking to acquire some of the mining assets abroad, but even that has not worked in case of their Bolivia efforts which they initiated couple of years back. So market is really very nervous. I am keeping my negative stance on all four ferrous metal stocks, but more negative view is on Jindal Steel & Power (JSPL),” he added.