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Shares of Jindal Steel and Power Ltd slumped as much as 14.9 per cent, heading towards their biggest daily loss since June 11, 2013, after the government rejected its bids for three coal mines put up for auction.
The government has rejected winning bids for four out of 33 coal mines put up for auction in the past two months, the top civil servant in the Coal Ministry had said on Saturday.
“The Coal Ministry has indicated that the blocks might be reauctioned, allotted to the states or given to Coal India — a decision is yet to be taken,’’ said Citigroup analyst Raashi Chopra in a note.
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