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India's Jindal Steel Slumps After Government Rejects Bids For 3 Coal Mines

India has rejected winning bids for four of 33 coal mines put up for auction in the past two months.

Published: 23rd March 2015 10:10 AM  |   Last Updated: 23rd March 2015 10:10 AM   |  A+A-

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MUMBAI: Shares in India's Jindal Steel and Power Ltd slumped as much as 14.9 percent, heading towards their biggest daily loss since June 11, 2013, after the government rejected its bids for three coal mines put up for auction.

India has rejected winning bids for four of 33 coal mines put up for auction in the past two months, the top civil servant in the country's coal ministry said on Saturday.

"The coal ministry has indicated that the blocks might be reauctioned, allotted to the states or given to Coal India - a decision is yet to be taken," said Citigroup analyst Raashi Chopra in a note.

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