Shares of Jindal Steel and Power (JSPL) have tanked 17% to Rs 157 on the National Stock Exchange (NSE) in noon trade.

According to Business Standard reports, of the 34 blocks, auctioned in two phases, letters of allocation for eight have not been signed with the successful bidders. These blocks, according to the ministry of coal, had comparatively low bids and would need a re-look by the Nominated Authority (NA) for the re-allocation. CLICK HERE TO READ FULL REPORT.

On February 19, the stock had zoomed 25% from Rs 155 to Rs 195 in single day after the Naveen Jindal-owned company won Gare Palma IV/2 and IV/3 blocks in coal block e-auctions.

Meanwhile, the counter has seen huge trading volumes today, with a combined 18.49 million shares changed hands so far as against an average sub 15 million shares that were traded daily in past two weeks on the NSE and BSE

At 1400 hours, the stock was down 12% at Rs 168 on the NSE.

 

Source : http://www.business-standard.com/

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