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In separate notifications to the exchanges, Electrosteel Steels and Electrosteel Castings on Monday said the Central Bureau of Investigation on Saturday carried out a search at their Corporate Office and other premises of promoter companies and residence of its Managing Director. The CBI investigation was in relation to the clearance given for diversion of forest land in Saranda forest, Singhbhum District in Jharkhand. Shares of Electrosteel Steels tumbled 3.6 per cent at ₹4.05, while those of ECL slumped 6 per cent at ₹25.90 on the NSE.
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