Jindal Steel shares fall over 6% today, here is why

In the past one year, the share price of Jindal Steel and Power tanked 58.49 per cent to Rs 63.10 on Feb 15, 2016 from Rs 152 on Feb 16 last year.

Written by FE News Desk

Updated: February 16, 2016 16:27 IST

The optimism perhaps came from the belief that the global steel industry would unlikely to be impacted in the short-term particularly due to the fact that the Brexit could actually happen only a couple of years later and the fact that the UK is not a significant player in the global steel industry.

Jindal Steel and Power (JSPL) shares slumped over 6 per cent on Tuesday after a domestic rating agency CRISIL downgraded shares of the steel maker to A4+ from A3+, indicating a negative outlook.

The scrip closed 6.34 per cent down at Rs 59.10 on BSE. The share price of the company closed 5.62 per cent down at Rs 59.60 on NSE.

The company’s long-term debt was at Rs 34976 crore ($5.14 bln) at the end of September quarter. Earlier this month, India set floor price for steel imports to stem flow from China.

In the past one year, the share price of Jindal Steel and Power tanked 58.49 per cent to Rs 63.10 on Feb 15, 2016 from Rs 152 on Feb 16 last year. Sensex fell 19 per cent during the same period.

(With inputs from Reuters)

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This article was first uploaded on February sixteen, twenty sixteen, at twenty-six minutes past twelve in the night.