Sesa Sterlite shares down over 3% on CBI investigation

Written by PTI | Mumbai | Updated: Mar 11 2014, 17:45pm hrs
ShShares of Sesa Sterlite fell after CBI registered an enquiry against Anil Agarwal of Vedanta group. PTI
Shares of Sesa Sterlite fell by over 3 per cent after the CBI registered a preliminary enquiry against Vedanta Group Chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL).

Sesa Sterlite's scrip went down by 3.24 per cent to Rs 197 at the BSE.

On the 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 yesterday.

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 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.