Coal scam: JSPL slips 7%, Naveen Jindal in CBI net

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26 Aug, 2025 12:21

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Shares of Jindal Steel and Power slipped 7 percent intraday on Thursday as CBI has chargesheeted Naveen Jindal and 14 others in regards to coal scam.

Congress leader and industrialist Naveen Jindal, ex-Minister of State for Coal Dasari Narayan Rao, former Jharkhand Chief Minister Madhu Koda and 12 others were on Wednesday chargesheeted by CBI in connection with Amarkonda Murgadangal coal block allocation scam case.

Besides them, former Coal Secretary HC Gupta and five firms, including Jindal Steel and Power and Jindal Realty, have also been chargesheeted in the case for alleged offences under sections 120-B (criminal conspiracy) read with 420 (cheating) of IPC and under provisions of the Prevention of Corruption Act.

Special CBI Judge Bharat Parashar, before whom the charge sheet was filed by senior public prosecutor VK Sharma, said it would be taken up for consideration tomorrow.

Besides the 10 individuals, the firms chargesheeted in the case are -- JSPL, Jindal Realty, Gagan Infraenergy, New Delhi Exim and Soubhagya Media.

According to sources, the agency has alleged in the charge sheet that Jindal group firms had misrepresented facts to acquire the coal block in 2008.

In its FIR lodged in the case, CBI had alleged that Jindal group was shown favour by the Jharkhand Government which had dropped other firms from its recommendation for allocation of coal block in the state in 2007.

The FIR was categorical that Ministry of Power was against the proposal for allocating Amarkonda Murgadangal coal block to JSPL and GSIPL. JSPL, in a statement, denied the allegations made against it and its management and said it would take appropriate remedy in accordance with law.

At 12:51 hrs JSPL was at Rs 139.60, down Rs 6.00, or 4.12 percent on the BSE.

(With inputs from PTI)