Shares of Jindal Steel and Power Ltd on Tuesday crashed over 24% in morning trade, as Naveen Jindal and the company were named as accused in the fresh FIR filed by CBI in connection with the coal allocation scam.
Following the news, shares of JSPL went into tailspin and plunged 24.3% to Rs 202 -- its 52-week low on the BSE.
At the NSE, the stock tumbled 24.13% to a touch one-year low of Rs. 202.75.
The scrip was the top loser among the blue-chips on both the key indices -- Sensex and Nifty.
Tracking weakness in the stock, the company's market capitalisation dipped by Rs. 4,287 crore to Rs. 20,659 crore.
Congress MP Naveen Jindal and former Minister of State for Coal Dasari Narayan Rao have been named as accused in the fresh FIR filed by CBI in connection with the coal allocation scam.
CBI has also booked Jindal Steel and Power and four other companies in the scam.
CBI sources said after registering the fresh cases, teams carried out searches today at 15 locations, including the residence of Congress MP from Kurukshetra Jindal and Rao at New Delhi and Hyderabad respectively.
Reacting to the development, Head of External Affairs, Jindal Steel and Power Ltd, Manu Kapoor said, "JSPL, as a law abiding company, is governed by a strong ethical code of conduct. This is an ongoing CBI investigation into coal block allocation. At this stage of investigation, JSPL is committed to fully cooperate with CBI."
Meanwhile, in the broader market, the BSE benchmark Sensex was trading at 19,156.09, down 284.98 points during the afternoon trade.