Metal scrips plummet by up to 10%; Usha Martin and JSPL top losers
26 Sept 2014 3:48 AM IST
Metal stocks, led by Usha Martin and Jindal Steel & Power Ltd, on Wednesday tumbled as much as 10 per cent after the Supreme Court quashed allocation of 214 out of 218 coal blocks which were alloted to various firms since 1993. Following this, shares of Usha Martin declined 10.03 per cent to Rs 30.05, while JSPL tumbled 9.99 per cent to Rs 189.70 on the BSE. Among others, shares of Prakash Industries tanked 8.20 per cent, Monnet Ispat & Energy plunged 6.58 per cent, Bhushan Steel (4.96 per cent), Tata Steel (2.63 per cent), Sarda Energy & Minerals (1.63 per cent), Hindalco Industries (0.48 per cent) and NMDC (0.21 per cent). The BSE metal index fell by 0.02 per cent to settle at 11,717.49.
‘As the Supreme Court in another verdict once again declared the allocation of most of the coal blocks illegal, high volatility was seen in the index (Sensex),’ said Bonanza Portfolio Senior Research Analyst Nidhi Saraswat. The apex court had held that all coal blocks allocation since 1993 by various regimes at the Centre have been made illegally and arbitrarily.
Meanwhile, shares of Reliance Power climbed 5.34 per cent and NTPC rose by 0.91 per cent on the BSE. In the broader market, the BSE benchmark Sensex ended 31 points lower at 26,744.69.
‘As the Supreme Court in another verdict once again declared the allocation of most of the coal blocks illegal, high volatility was seen in the index (Sensex),’ said Bonanza Portfolio Senior Research Analyst Nidhi Saraswat. The apex court had held that all coal blocks allocation since 1993 by various regimes at the Centre have been made illegally and arbitrarily.
Meanwhile, shares of Reliance Power climbed 5.34 per cent and NTPC rose by 0.91 per cent on the BSE. In the broader market, the BSE benchmark Sensex ended 31 points lower at 26,744.69.
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