Hindalco, Idea Cellular shares fall 5% after CBI books Kumar Mangalam Birla in coal scam

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Hindalco Industries' scrip had tanked 4.97 per cent to Rs 105.10 on the BSE before trading higher by 0.45 per cent. Hindalco Industries' scrip had tanked 4.97 per cent to Rs 105.10 on the BSE before trading higher by 0.45 per cent.
SummaryHindalco scrip had tanked 4.97% to Rs 105.10, while Aditya Birla Nuvo had fallen by 4.16%.

Shares of Aditya Birla-promoted firms such as Hindalco Industries Ltd, Aditya Birla Nuvo and Idea Cellular Ltd on Tuesday fell by up to 5 per cent after the CBI registered a case against industrialist Kumar Mangalam Birla in connection with alleged irregularities in allocation of coal blocks in 2005.

However, later, some of these stocks recovered lost ground, with Hindalco trading higher by 0.45 per cent and Idea up 0.03 per cent in late morning trade.

Hindalco Industries' scrip had tanked 4.97 per cent to Rs 105.10, while Aditya Birla Nuvo had fallen by 4.16 per cent to Rs 1,209.90 and Idea Cellular lost 1.35 per cent to Rs 182.45 on the BSE.

Among others, shares of Grasim Industries Ltd fell by 1.18 per cent, while Aditya Birla Chemicals was down 1.42 per cent and Aditya Birla Money shed 3.71 per cent.

After registering the 14th FIR in the coal scam, CBI teams carried out coordinated searches at nearly six locations in Mumbai, Delhi, Hyderabad and Bhubaneshwar.

CBI sources said the agency has booked Birla as a representative of Aditya Birla Group and his group company Hindalco for alleged corruption in the allocation of Talabira two coal block in Odisha which was allotted to it on November 10, 2005.

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