Enforcement Directorate Raids Jindal Steel's Offices In Delhi And Gurugram: Report

This comes as the shares of Jindal Steel plunged as much as six percent to a three-week low in their biggest fall since mid-March.

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New Delhi: The Enforcement Directorate (ED) raided offices of Jindal Steel & Power Ltd (JSPL) in the national capital on Thursday over suspected violation of foreign exchange regulations, Reuters reported a source familiar with the matter as saying.

This comes as the shares of Jindal Steel plunged as much as six percent to a three-week low in their biggest fall since mid-March.

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The Enforcement Directorate also conducted searches in Gurgaon, a satellite town near the capital’s main airport, the source said.

“The searches have been going on since morning, maybe over old cases,” the source added.

The source, however, declined to be identified due to the sensitive nature of the matter.

Jindal Steel, however, did not immediately respond to a Reuters request for comment on the searches.

JSPL, which was India’s fifth largest crude steel producer in 2021, competes with Tata Steel, JSW Steel, state-run SAIL and ArcelorMittal Nippon Steel India (AMNS India).