Mumbai: Shares of Jindal Steel & Power fell over 8 per cent on Monday, eroding Rs 1,198.42 crore from its market valuation, following reports that CBI has started fresh inquiry against unknown officials of the company for alleged diversion of forest land in Jharkhand for mining purposes.
JSPL's stock tumbled 7.90 per cent to end the day at Rs 152.70 on the BSE. In intra-day, it was down 8.59 per cent to Rs 151.55.
At the NSE, the scrip was down 8.41 per cent to Rs 151.85.
Following the loss in the stock, the company's market cap slipped Rs 1,198.42 crore to Rs 13,970.58 crore.
In terms of volume, 10.62 lakh shares of the company changed hands at the BSE, while over 85 lakh shares were traded at the NSE during the day.
CBI has started a fresh inquiry against unknown officials of Jindal Steel and Power Limited for alleged diversion of forest land in Jharkhand for mining purpose in collusion with Environment Ministry officials.
CBI sources had on Friday said the inquiry has been initiated against unknown officials of JSPL and Environment Ministry for alleged irregularities in diversion of Saranda forest land in Jharkhand between 2007-13.
They had said nearly 512.43 hectares of ecologically sensitive Saranda forest in West Singhbhum district of Jharkhand were diverted for Ghatkuri Iron Ore mining lease project in favour of JSPL.
