Jindal Steel and Power Limited (JSPL) have tanked 12% to Rs 196, its lowest value since April 2009 on the National Stock Exchange (NSE) on back of heavy volumes.
A combined 11.78 million shares have changed hands on the counter till 1445 hours against an average around 8.7 million shares that were traded daily in past two weeks on NSE and BSE.
The stock has declined 20% in past two trading sessions after the global investment bank UBS downgraded the stock to “Sell” and reduced its target price to Rs 230 from Rs 290.
Meanwhile, the market value of Maven Jindal promoted metal company has declined by 32% since June 3, after the coal ministry issued show cause notices to 11 coal firms including JSPL for not developing the mines allotted to them and sought an explanation for delays in production, failing which mines would be deal located.
According to media reports, the Central Bureau of Investigation (CBI) has filed a first information report (FIR) against JSPL and its promoter in connection with coal blocks allotted during 2004-09.
A combined 11.78 million shares have changed hands on the counter till 1445 hours against an average around 8.7 million shares that were traded daily in past two weeks on NSE and BSE.
The stock has declined 20% in past two trading sessions after the global investment bank UBS downgraded the stock to “Sell” and reduced its target price to Rs 230 from Rs 290.
Meanwhile, the market value of Maven Jindal promoted metal company has declined by 32% since June 3, after the coal ministry issued show cause notices to 11 coal firms including JSPL for not developing the mines allotted to them and sought an explanation for delays in production, failing which mines would be deal located.
According to media reports, the Central Bureau of Investigation (CBI) has filed a first information report (FIR) against JSPL and its promoter in connection with coal blocks allotted during 2004-09.