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Shares of Jindal Steel & Power Ltd fell over 5 per cent today amid reports that the government may reject the company’s bids for two coal blocks in Chhattisgarh.
Following the buzz, shares of the company slipped 4.99 per cent to Rs 180.75 at the BSE. On the NSE, the scrip lost 5.17 per cent to Rs 180.60.
According to media reports, the government is expected to reject two bids from Jindal Steel and Power Ltd (JSPL) for Gare Palma and Tara coal blocks citing “very low” bids and talk of cartelisation.
The coal auction kitty has crossed Rs 2 lakh crore mark, surpassing CAG’s estimate of Rs 1.86 lakh crore revenue loss due to allocation of mines without auction by the previous government.
Auctions were conducted after the Supreme Court had in September last year cancelled the allocation of 204 blocks since 1993, saying their allocation was “arbitrary and illegal”.
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