Ex-PM, Birla summoned in coal scam: Hindalco stock plunges 5%, biggest loser in markets

Mumbai: Shares of Hindalco Industries tumbled over 5 per cent today after its promoter Kumar Mangalam Birla was summoned as accused by a special court in coal scam case. The stock plunged 5.1 per cent to Rs 131 on the BSE. At the NSE, it slipped 5.28 per cent to Rs 130.75. [caption id=“attachment_2147605” align=“alignleft” width=“380”]  Birla has been summoned by the court. Reuters[/caption] The stock was the biggest loser among the blue-chips on both Sensex and Nifty. Former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, ex-coal secretary P C Parakh and three others were today summoned as accused by a special court in a coal scam case pertaining to allocation of Talabira-II coal block in Odisha in 2005 and asked to appear before it on April 8. The court also summoned Hindalco officials Shubhendu Amitabh and D Bhattacharya as accused in the case. The case pertains to allocation of Talabira II coal block in Odisha to M/s Hindalco in 2005, when the then Prime Minister Singh was holding the coal portfolio. PTI