Jindal Steel and Power Limited (JSPL) has dipped 3% to Rs 458 on reports that the company has suspended operations at its iron ore mine in Bolivia due to legal problems.
“In last month, Jindal Steel Bolivia – a subsidiary of Jindal Steel & Power Ltd. (JSPL) has sent a letter to Government of Bolivia on 8th June, 2012 conveying its intension to terminate the contract for investment of US $2.1 billion – largest foreign investment in Bolivia, due to non fulfillment of the contractual obligations on the part of Government of Bolivia,” according to the company’s press release.
The stock opened at Rs 465 and hit a low of Rs 453 on the National Stock Exchange. A combined 1.83 million shares have changed hands on the counter so far on both the exchanges.
