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Coal Scam: Hindalco shares plunge over 5%; top loser on Sensex, Nifty

Shares of Hindalco Industries tumbled over 5% after its promoter Kumar Mangalam Birla was summoned as accused by a special court in coal scam case.

The stock plunged 5.1% to Rs 131 on the BSE.

At the NSE, it slipped 5.28% to Rs 130.75.

The stock was the biggest loser among the blue-chips on both Sensex and Nifty.

Former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, ex-coal secretary P C Parakh and three others were today summoned as accused by a special court in a coal scam case pertaining to allocation of Talabira-II coal block in Odisha in 2005 and asked to appear before it on April 8.

The court also summoned M/s Hindalco, its officials Shubhendu Amitabh and D Bhattacharya as accused in the case.

The case pertains to allocation of Talabira II coal block in Odisha to M/s Hindalco in 2005, when the then Prime Minister Singh was holding the coal portfolio.

 
source: http://www.dnaindia.com