JSW Steel stock closes 7 down

JSW Steel shares slumped to more than two-year low before closing 7 per cent down on the BSE amidst reports that the CBI conducted searches at the company8217;s premises in connection with illegal mining. The company8217;s scrip fell as much as 8.67 per cent to Rs 540 a share the lowest since July 14,2009 in morning trade on the BSE. However,it settled at Rs 549.50,down 7.07 per cent from its previous close.