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Essar Oil, Essar Shipping Hit 52-Week Low

  • Essar Group companies, including Essar Shipping and Essar Oil slipped to their 52-week low on Tuesday after the Central Bureau of Investigation (CBI) filed a charge-sheet in the 2G spectrum case against industrialists Ravi Ruia and Anshuman Ruia, the promoters of Essar Group. The accused are also promotors of three telecom companies - Loop Telecom Pvt Ltd, Loop Mobile India Ltd and Essar Tele Holding. The charges have been filed under Section 120 B, which defines criminal conspiracy, and Section 420, cheating, of the Indian Penal Code.
  • The CBI also filed charges against, Essar Group's Director for strategy and planning, Vikas Saraf, and Loop promoters IP Khaitan and Kiran Khaitan. Among individual stocks, Essar Oil has plunged 9% to Rs 54.30 its 52-week low, Essar Shipping by over 8% at Rs 20.35 to its year low on the Bombay Stock Exchange. At 11:36 a.m., shares of Essar oil were trading 3.3% lower at Rs 57.75, Essar Shipping slipped to Rs 21.70, down 3.3% and Essar Ports dropped 6.5% to Rs 57.60.

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