Zee Business Exclusive: ED raids JSPL's Delhi, Gurugram offices; shares drop 5%

The Enforcement Directorate (ED) on Thursday raided Jindal Steel and Power Limited's (JSPL) Delhi and Gurugram offices in a case related to Foreign Exchange Management Act (FEMA) violation. 

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Reacting to the development, shares of JSPL tanked as much as 5% to the day's low of Rs 523.65 per share on the BSE.

JSPL has once again come on the radar of the investigating agencies, said Zee Business correspondent Tarun Sharma. The ED launched its investigation between 8:30 and 9 am on Thursday. The raids were being conducted in the corporate offices of JSPL in Delhi and Gurugram.  

Citing sources, Tarun said the raids were conducted in a matter related to a violation of the FEMA and if found guilty, JSPL can be penalised with 25 times of the violation amount under this Act.