JSPL shares tank 6.5% on court order

Shares of Jindal Steel and Power Limited (JSPL) tumbled 6.5 per cent today amid concerns that a special court has ordered framing of charges against Naveen Jindal, among others for criminal conspiracy, cheating and other offences in a coal block allocation scam case.
The stock dived 6.49 per cent to settle at Rs 69.90 on BSE. During the day, it slipped 9.96 per cent to Rs 67.30.
At NSE, the scrip declined 6.55 per cent to close at Rs 69.80.
A special court today ordered framing of charges against industrialist Naveen Jindal, former Minister of State for Coal Dasari Narayan Rao and 13 others for criminal conspiracy, cheating and other offences in a coal block allocation scam case.

Jindal Steel and Power today denied any wrongdoing saying coal blocks were allocated to it purely on merit.
"We deny all allegations made against our company and its management. We have full faith in the Indian Judicial System and are confident to come out clean during the process," JSPL said in a statement.