Jindal Steel and Power (JSPL) has plunged 7% to Rs 550 in morning trades on back of huge volumes.
As many as 1.15 million shares have already changed hands in the counter during the first 45 minutes of trade, against an average 2.33 million shares that were traded daily in past two weeks on the NSE and BSE.
India may fall short of its steel output target of 200 million tonne by 2020 due to policy bottlenecks, according to the media reports.
“Most of the MoUs signed between steel industry and the government is struggling with the big issue of iron ore availability along with the problems of rail connectivity and water availability. Hence, it is unlikely that all of these will take off as per schedule and this will lead to mismatch between domestic production and consumption as we go forward," the report suggest quoting V R Sharma, deputy managing director and CEO of JSPL.