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JSPL tanks 14% as CBI files fresh FIR in coal scam probe

The fresh case has been registered against Jindal Stripes Limited, Jindal Steel and Power Limited and unknown public officials for alleged criminal conspiracy and cheating under the Indian Penal Code and provisions of the Prevention of Corruption Act, CBI sources said.

October 20, 2014 / 02:51 PM IST
 
 
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Shares of Jindal Steel & Power tanked 14 percent, hitting nearly 6-year low at Rs 128 per share intraday on Monday. Investors are growing nervous as CBI has registered a fresh case of alleged cheating and corruption against the company, in connection with its probe into coal blocks allocation probe.


A CBI spokesperson, on Sunday, said that it is the 36th FIR in connection with its probe into the coal blocks scam.


The fresh case has been registered against Jindal Stripes Limited, Jindal Steel and Power Limited and unknown public officials for alleged criminal conspiracy and cheating under the Indian Penal Code and provisions of the Prevention of Corruption Act, CBI sources said.


Soon after registering the case, the agency today carried out searches at four locations in Raigarh and Chhattisgarh. CBI sources said the case pertains to allocation of Gare Palma IV/1 coal block to Jindal Strips Limited and JSPL."Allegations pertain to irregular mining lease beyond the approved area, excess coal mining, sale of coal, sale of coal fines and rejects, irregular consumption of coal in new extension plants," the sources said.


At 12:08 hrs Jindal Steel & Power was quoting at Rs 136.60, down Rs 11.50, or 7.77 percent on the BSE.

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(With inputs from PTI)

first published: Oct 20, 2014 12:39 pm

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