JSPL shares plunge over 8 per cent on CBI inquiry in Saranda land irregularities

The shares of Jindal Steel & Power (JSPL), one of the top steel manufacturing firms slumped over eight per cent on Monday on reports that the CBI has started a fresh inquiry against unknown officials for alleged diversion of forest land in Jharkhand for mining purposes.

JSPL's stock tumbled to Rs 152.50 on the Bombay Stock Exchange (BSE).

At the National Stock Exchange (NSE), the scrip was down 8.17 per cent to Rs 152.25.

CBI has started a fresh inquiry against unknown officials of Jindal Steel and Power Limited for alleged diversion of forest land in Jharkhand for mining purpose in collusion with Environment Ministry officials.

CBI sources on Friday said the inquiry has been initiated against unknown officials of JSPL and Environment Ministry for alleged irregularities in diversion of Saranda forest land in Jharkhand between 2007-13.

They had said nearly 512.43 hectares of ecologically sensitive Saranda forest in West Singhbhum district of Jharkhand were diverted for Ghatkuri Iron Ore mining lease project in favour of JSPL.