Millennium Post

Sesa Sterlite scrip dips 2.31% as CBI probes Anil Agarwal

Sesa Sterlite's scrip went down by 3.24 per cent to Rs 197 at the Bombay Stock Exchange (BSE).
On the National Stock Exchange (NSE), the stock lost 3.41 per cent to Rs 196.70. The scrip was the worst performer among the blue-chips on Sensex and Nifty. The agency believes that the loss, during the disinvestment in 2002, caused to the exchequer due to the alleged irregularities runs into hundreds of crores of rupees.

The preliminary enquiry is against Agarwal and unknown officials of HZL, Ministry of Disinvestment and Ministry of Mines, CBI sources had said on Monday.

It is alleged in the enquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking at an undervalued price resulting in the estimated losses running into hundreds of crore to the exchequer, CBI sources had said.

The company has been merged with another group Sesa Goa in August this year and renamed as Sesa Sterlite. A statement issued by the then Ministry of Disinvestment at the time of disinvestment, had said two price bids were received from Indo Gulf Corporation and Sterlite Opportunities and Ventures Limited (a special purpose vehicle of Sterlite) and both were above the reserve price of 32.15 per share (translating into Rs 353.17 crore) for 26 per cent stake.  At the close of trade on Tuesday, shares of Sesa Sterlite were down 2.31 per cent to Rs 198.90. In intra-day trade, the stock lost 3.24 per cent to Rs 197.

On the NSE, the scrip settled 2.31 per cent lower at Rs 198.95. In terms of volumes, 7.70 lakh shares changed hands on the BSE, while over 41 lakh shares were traded at the NSE during the day.

Meanwhile, the benchmark Indian Sensex on Tuesday fell by 68 points overall, its first drop in three days, as investors adopted a cautious stance ahead of monthly equity derivatives expiry.

The Bombay Stock Exchange 30-share barometer resumed better on firm Asian cues but failed to hold on to gains on profit-booking to end at 21,032.71, showing a fall of 68.32 points or 0.32 per cent.w In the past two days, it had gained 392.41 points.

The 50-issue CNX Nifty of the NSE moved down by 16.10 points, or 0.26 per cent, to end at 6,268.40. Also, SX40 index of MCX-SX fell 49.05 points to 12,510.16.
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