JSW Steel is trading lower by 3% at Rs 724 on reports that the Central Bureau of Investigation (CBI) has named company’s Chairman Sajjan Jindal and chief executive officer Vinod Nowal among others as accused in a case related to illegal iron ore mining in Karnataka.
On Tuesday, the investigation agency had filed a chargesheet against R N Sohan Kumar, a former chief executive and senior vice-president of the company in a land denotification case, report suggests.
“A criminal case is being registered against the former Karnataka Chief Minister B S Yeddyurappa, his sons and son-in-law, for de-notifying government land and buying it for a mere Rs 40 lakhs only to sell it to JSW linked companies later for Rs 20 crore way above market value,” added report.
The stock opened at Rs 730 and hit a low of Rs 722 on the BSE. A combined 829,517 shares have changed hands on the counter so far on both the exchanges.
