Aditya Birla group stocks end mixed amid coal scam issue

PTI Posted online: Tuesday, Oct 15, 2013 at 0000 hrs
Mumbai : Shares of Aditya Birla-promoted firms such as Hindalco Industries and AB Nuvo today ended the day on a mixed note, after the CBI registered a case against industrialist Kumar Mangalam Birla in connection with alleged irregularities in allocation of coal blocks in 2005.

Hindalco Industries' scrip that had tanked 4.97 per cent to Rs 105.10 in intra-day trade, recouped the losses and finally ended the day with a gain of 1.45 per cent at Rs 112.20 on the BSE.

Similarly, Aditya Birla Chemicals was up 1.93 per cent.

Shares of Aditya Birla Nuvo ended 2.02 per cent lower, while Idea Cellular was down 0.08 per cent.

Among others, shares of Grasim fell by 0.33 per cent, and Aditya Birla Money shed 4.79 per cent.

After registering the fresh FIR, its 14th in the multi- crore scandal, coordinated searches were carried out by CBI teams at nearly six locations in Mumbai, Delhi, Hyderabad and Bhubaneshwar.

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

"CBI registers a fresh case in alleged irregularities in coal scam against the then Coal Secretary, M/s Hindalco, representative of Adita Birla Group, unknown persons and officials," agency spokesperson Kanchan Prasad said.

The USD 40 billion (about Rs. 2.45 lakh crore) conglomerate has denied receiving any FIR and refuted allegations of any wrongdoing.