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NEW DELHI, April 21 (Reuters) – India’s federal financial crime agency raided the offices of Jindal Steel & Power Ltd (JSPL) (JNSP.NS) in New Delhi on Thursday for alleged violations of foreign exchange regulations , said a source familiar with the matter said.
The Federal Directorate of Law Enforcement (ED) also carried out searches in Gurgaon, a satellite town close to the capital’s main airport, the source said.
JSPL said ED officials went to their offices to search for “commercial information”, which was provided to them, in a statement issued on the stock exchange.
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Jindal Steel shares plunged as much as 6% to hit a three-week low before settling 2.9% lower.
“Research has been going on since morning, possibly on old cases,” the source said, declining to be identified due to the sensitive nature of the matter.
JSPL was India’s fifth largest crude steel producer in 2021 and competes with Tata Steel (TISC.NS), JSW Steel (JSTL.NS), state-owned SAIL (SAIL.NS) and ArcelorMittal Nippon Steel India (AMNS India).
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Reporting by Neha Arora in New Delhi and Chris Thomas in Bengaluru; Editing by Jason Neely and Jan Harvey
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