JSW Steel shares fall over 4 per cent after CBI enquiry on officials

Mumbai: Shares of JSW Steel fell by over 4 per cent in the backdrop of the CBI registering a Preliminary Enquiry (PE) against unknown officials of the company over alleged diversion of forest land for a mining project in Jharkhand.

Following this, JSW Steel's scrip lost 4.43 per cent to Rs 1,180 on the BSE. On the NSE, it was down 4.32 per cent to Rs 1,180. The CBI had yesterday registered a PE against unknown officials of JSW Steel Private Limited and the Ministry of Environment and Forests over alleged diversion of forestland for a mining project in Jharkhand. Sources in the CBI said the clearance for the project formining in Ankua reserve forest was given in 2013.

The allegation made by the CBI in the PE was that unknown officials of JSW and the Ministry of Environment and Forests entered into a criminal conspiracy for getting approval for this mining activity. A JSW spokesperson, when asked to comment on the CBI move, had said yesterday, "We are not aware of any such move nor have we received any official communication to this effect."