JSW Steel has tanked over 8% at Rs 606 on reports that the Supreme Court (SC) orders the Central Bureau of Investigations (CBI) probe on the company’s mining case.
Earlier, a panel appointed by the SC has recommended that the apex court direct CBI to look into linkages between the donation of Rs 10 crore made by South West Mining, an associate firm of JSW group and alleged receipt of illegal mineral ore by JSW Steel and the alleged favours shown to it in respect of Mysore Minerals Limited.
“The panel has also recommended that the land purchased by the former chief minister of Karnataka Yeddyruppa's immediate family for Rs 0.4 crore in 2006 and sold to South West Mining for Rs 20 crore in 2010 be looked into by the investigating agency,” the report suggests.
The stock opened at Rs 661 and hit a high of Rs 668 in morning trades on the Bombay Stock Exchange. A combined 2.56 million shares have changed hands on the counter so far on both the exchanges.
