Sesa Sterlite falls 3% on CBI investigation

Dec 24, 2013, 12.24 PM IST

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

Tags  Anil Agarwal, Sesa Sterlite, Hind Zinc, Central Bureau of Investigation, CBI, Bharat Aluminium Company

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Sesa Sterlite falls 3% on CBI investigation

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

Like this story, share it with millions of investors on M3

Sesa Sterlite falls 3% on CBI investigation

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

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Shares of Sesa Sterlite , controlled by billionaire Anil Agarwal, fell 3 percent to a one-week low on Tuesday after the Central Bureau of Investigation (CBI) said it started a probe into possible irregularities in its stake buy in Hindustan Zinc .

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

"We've launched a preliminary enquiry based on information from some source," said Kanchan Prasad, a spokeswoman for the CBI. "We'll look into documents to see whether there is any prima-facie evidence (of irregularities) or not, and then chargesheet them if needed."

Agarwal and some government officials were also part of the enquiry, Prasad said. Agarwal and Sesa Sterlite could not immediately be reached for comment.

London-listed Vedanta Resources Plc, owner of Sesa Sterlite, said in October it won the backing of its shareholders to offer up to USD 3.48 billion to buy the Indian government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.

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