JSW Group shares fall up to 4% amid rape allegations against Chairman Sajjan Jindal
JSW Group fell up to 4% in the early trade on Monday following allegations of rape against its Chairman Sajjan Jindal. JSW Holdings was the top loser in the pack and its stock price plunged nearly 4% to the day's low of Rs 4965.05 on the BSE. Meanwhile, JSW Steel, JSW Infrastructure and JSW Energy were down nearly 2%.
On Sunday, Jindal denied these allegations and said that he would cooperate with the ongoing investigation.
«Mr.
Sajjan Jindal denies these false and baseless allegations. He is committed to providing full cooperation throughout the investigation,» a representative for Jindal said in a statement, seen by Reuters. «As the investigation is ongoing, we will refrain from commenting further at this stage.
We kindly request you to respect the privacy of the family,» it added.
A JSW spokesperson referred Reuters requests for comment to the third-party representative.
According to media reports Jindal is accused of rape in a report filed at Mumbai's Bandra Kurla Complex Police Station. The reports said the complainant was a 30-year-old woman and the alleged incident occurred last year. The police station in Mumbai's central business district did not respond to Reuters calls seeking comment.
Shares of JSW Energy are trading above their 50-day and 200-day simple moving averages (SMAs).
Momentum indicators remain mixed with MFI at 75 indicating that the stock is trading in an overbought zone while RSI at 56 shows that there is still more upside left in the counter.
Another stock that is trading above its 50-day and 200-day SMAs is JSW Holding. The stock has given returns of over 20% in the last 12 months outperforming the Nifty which has given close to 15% returns during this time.
