Jindal Steel is back to being the current top loser on the BSE, down over 11% at Rs.132 and this is after once again today hitting a new 52-week low at Rs.128. The stock has been consistently hitting new lows since 13^th Oct.

The stock is in deep red after the CBI filed an FIR against the company in the coal allocation case in Chhattisgarh. This FIR was lodged based on allegations to irregular mining beyond the approved area, excess coal mining, sale of coal and coal fines and rejects and irregular consumption of coal in new extension plants. The CBI also conducted searches at four places in Raigarh, Chhattisgarh.

This comes like a double whammy for the Chairman of the company, Naveen Jindal, whose mother, Savitri Jindal lost her Hisar seat in Haryana to a BJP candidate, losing by over 13,600 votes. During the Lok Sabha elections too, Naveen Jindal, who was a two-time Congress MP lost his seat.