Jindal Steel to move court against govt over coal mine cancellation

Jindal Steel and Power (JSPL) will take the government to court after the coal ministry rejected the company's winning bids for three mines, a company source said on Monday.

Shares in Jindal Steel slumped as much as 14.9 per cent, heading towards their biggest daily loss since June 11, 2013. They pared some of the losses later.

Although the winning bids for the mines were the highest in their individual auctions, they were low compared with the winning bids for other similar blocks.

Coal Secretary Anil Swarup could not be reached immediately for comment.

(Reuters)