JSW Energy, JSW Infra, JSW Steel shares in focus amid rape charges against Sajjan Jindal

Shares of the $23 billion JSW Group such as JSW Energy Ltd, JSW Steel Ltd, JSW Infrastructure Ltd and JSW Holdings Ltd would be in focus on Monday morning, as a First Information Report (FIR) has been filed against JSW group Chairman Sajjan Jindal by a 30-year-old woman accusing him of rape. Jindal has been booked by the Mumbai Police under IPC 376 (rape), IPC 354 (assault or criminal force to woman with intent to outrage her modesty), and IPC 503 (criminal intimidation). Jindal has denied the allegations, calling them “false and baseless”.

"Mr Sajjan Jindal denies these false and baseless allegations. He is committed to providing full cooperation throughout the investigation. As the investigation is ongoing, we will refrain from commenting further at this stage. We kindly request you to respect the privacy of the family," a statement read.

JSW group has presence in sectors such as steel, cement, infrastructure, energy, venture capital and sports. JSW Ispat Special Products Limited (JISPL), a group firm, was merged with JSW Steel Limited with effect from July 31, 2023.

Shares of JSW Energy are up 48 per cent year-to-date. JSW Infrastructure shares soared 94 per cent since listing on October 3. The JSW Holdings stock is up 17 per cent YTD. JSW Steel has gained 12 per cent during the same period.

As per the FIR, the rape incident allegedly took place in January 2022 at Jindal's Mumbai office, when Jindal allegedly asked the woman to come to his office in the BKC area of Mumbai.

The woman in the complaint claimed that she went there at around 7 pm and he allegedly raped her in the penthouse of the building. She further alleged that he promised to marry her and asked her to not shout, as this was his office building.

The FIR alleged that during their interactions via text messages, Jindal expressed romantic feelings for the woman despite being married. She also claimed that the BKC police did not pay any heed to her FIR filed in February this year and was forced to approach the Bombay High Court. The court asked the BKC police to register the complaint.

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