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Shares of Electrosteel Castings tumbled 20 per cent on the bourses today amid fresh concerns regarding alleged irregularities in the allocation of coal blocks.
CBI had yesterday carried out searches at five locations in Jharkhand and West Bengal after registering a fresh case in connection with alleged irregularities in the allocation of coal blocks.
According to CBI sources, the case has been registered against Electrosteel Castings Ltd and Electrosteel Steels Pvt Ltd and unknown public servants in connection with the allocation of Parbatpur coal block in Jharkhand in 2005 for its pig iron plant.
Electrosteel Castings’ stock dived 19.94 per cent to Rs 15.05 on the BSE. On the NSE, it plunged 19.89 per cent to Rs 15.10.
Shares of Electrosteel Steels fell 13.27 per cent to Rs 4.05 on the BSE.
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