JSW Steel falls over 10%, hits 52-week low
Shares of JSW Steel on Monday fell sharply on the bourses, extending its downtrend for the fourth consecutive session despite the company contesting the Lokayukta report saying that all transactions related to iron ore in Karnataka were done in a "legally compliant" manner.
- Aug 1, 2011,
- Updated Aug 1, 2011 9:52 PM IST
The stock ended the day10.26 per cent lower at Rs 694.80 on the BSE. During the day, the stock wentweaker by 13.2 per cent to hit a one-year low of Rs 672.
In the last four tradingsessions, the company's stock has dropped by over 20 per cent.
On the NSE, the stockplummeted by 10.21 per cent to hit a 52 week low of Rs 671.40.
The Sajjan Jindal-ledcompany in response to Karnataka's Lokayukta report , which accused the firm ofadopting unethical practices in various deals, said all transactions related toiron ore in Karnataka were done in "legally compliant" manner.
Karnataka's Lokayukta NSantosh Hegde has indicted the company on several counts, including payingexcess money to son and son-in-law of Chief Minister B S Yeddyurappa for oneacre of land in Rachenahalli village.
The fall in the stock wasin contrast with the growth in the BSE benchmark index Sensex which ended theday at 18,314.33, up 117.13 points.
The stock ended the day10.26 per cent lower at Rs 694.80 on the BSE. During the day, the stock wentweaker by 13.2 per cent to hit a one-year low of Rs 672.
In the last four tradingsessions, the company's stock has dropped by over 20 per cent.
On the NSE, the stockplummeted by 10.21 per cent to hit a 52 week low of Rs 671.40.
The Sajjan Jindal-ledcompany in response to Karnataka's Lokayukta report , which accused the firm ofadopting unethical practices in various deals, said all transactions related toiron ore in Karnataka were done in "legally compliant" manner.
Karnataka's Lokayukta NSantosh Hegde has indicted the company on several counts, including payingexcess money to son and son-in-law of Chief Minister B S Yeddyurappa for oneacre of land in Rachenahalli village.
The fall in the stock wasin contrast with the growth in the BSE benchmark index Sensex which ended theday at 18,314.33, up 117.13 points.