Lagatar24 Desk
New Delhi, April 21: The central financial crime agency Enforcement Directorate (ED) searched the offices of Jindal Steel & Power Ltd (JSPL) in New Delhi on Thursday for suspected violations of foreign exchange regulations, a source familiar with the matter said according to Reuters.
According to the source, ED conducted searches in Gurgaon, a satellite town near the capital’s main airport.
Jindal Steel’s stock fell as much as 6% to a three-week low, the company’s largest drop since mid-March.
A request for comment from Reuters on the searches was not immediately returned.
“The searches have been going on since morning, maybe over old cases,” the source said, declining to be identified due to the sensitive nature of the matter.
JSPL competes with Tata Steel, JSW Steel, state-run SAIL, and Arcelor Mittal Nippon Steel India as India’s fifth largest crude steel manufacturer in 2021.
