JSPL Gains as Government Report Says no Cartelisation in Coal Bids

Shares of Jindal Steel and Power jumped nearly 4 per cent to hit intraday high of Rs 161.35 after a news report suggested that the Coal Ministry in its report submitted to the court said that it has not found any evidence of cartelisation in bids made by Jindal Steel for the coal blocks in the recently concluded coal e-auction.

Report published by a leading financial daily suggests that the government has not found any proof which indicates that the company was involved in collusive bidding, nor it has received any complaint about e-auction platform obstructing bidders from submission of bids.

The coal blocks won by Jindal Steel and Power were given to Coal India by the government on suspicion that the company was involved  in cartelisation to acquire the coal blocks.
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