Jindal Steel slumps after govt rejects bids for 3 coal mines

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Mumbai | Updated: March 23, 2015 10:14:29 AM

Shares in India's Jindal Steel and Power Ltd slumped as much as 14.9 percent, heading towards their biggest daily loss since June 11, 2013...

Jindal Steel and power, Jindal Steel stocks, Jindal steel shares, coal auction, coal minesShares in Jindal Steel and Power Ltd slumped as much as 14.9 percent, heading towards their biggest daily loss since June 11, 2013. (PTI)

Shares in Jindal Steel and Power Ltd slumped as much as 14.9 percent, heading towards their biggest daily loss since June 11, 2013, after the government rejected its bids for three coal mines put up for auction.

India has rejected winning bids for four of 33 coal mines put up for auction in the past two months, the top civil servant in the country’s coal ministry said on Saturday.

“The coal ministry has indicated that the blocks might be reauctioned, allotted to the states or given to Coal India – a decision is yet to be taken,” said Citigroup analyst Raashi Chopra in a note.

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