Foreign fund house Morgan Stanley has sold 12 lakh shares of JSW Steel for about Rs 84 crore on the bourses through open market. According to National Stock Exchange data,a Mauritius-based arm of Morgan Stanley offloaded 11.99 lakh shares since July 27 at a price of Rs 701.09 per share. As per market regulator Sebi's guideline,it is mandatory for companies to make disclosures to all transactions in a scrip where total quantity of shares bought or sold is more than 0.5 per cent of the number of equity shares of the firm listed on the exchange. Recording 65 per cent growth,the Sajjan Jindal-led firm reported Rs 578.32 crore net profit in the first quarter of the current fiscal. The share sale come in the midst of the company being indicted by the Karnataka Lokayukta on its report on alleged illegal mining. The company,however,has refuted the charges saying,"all the transactions have been done in a legally compliant manner". Supreme Court also banned mining of iron ore in Karnataka from where JSW Steel gets a lot of the key steel making raw material. The scrip of the company tumbled again today by 2.95 per cent on the Bombay Stock Exchange to Rs 674.3 over the previous day's closing.
