The broader 50-share Nifty provisionally lost 0.02 percent
Mumbai: The Nifty edged lower for a second consecutive session as coal allocation recipients such as Jindal Steel and Power extended a slump following a Supreme Court ruling, while lenders also fell due to concerns about their loan exposure.
The Supreme Court ruled on Monday that the allocation of more than 200 coal blocks since 1993 was illegal and analysts warned any mass cancellation could have a wider corporate and economic impact. Jindal Steel and Power Ltd provisionally lost 6.2 percent, while Tata Power Co Ltd ended 2.7 percent lower. Power Finance Corp Ltd ended 0.5 percent down.
The broader 50-share Nifty provisionally lost 0.02 percent, retreating further from a record high of 7,968.25 hit on Monday.
( Source : reuters )
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