Fresh blow for Jindal Steel, stock slumps again

The stock slumped another 13% this morning following fresh CBI case.

Oct 20, 2014 05:10 IST India Infoline News Service

Shares of Jindal Steel & Power suffered another blow this morning after the CBI registered a case of alleged cheating and corruption against the company in connection with its probe in the coal blocks allocation.
The stock nosedived to a fresh 52-week low of Rs 128 - down 13.5 per cent from the previous close in the first one-hour of trading.
The stock has now erased some of the losses, but is still down almost 9 per cent at Rs 135.
The counter has seen heavy volumes of around 1.75 million shares so far on the BSE as against the two-week daily average volume of around 0.68 million shares.
Jindal Steel is down a whopping 26 per cent so far this month, and has tanked over 60 per cent in the last four months.

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