Power and metal stocks plunged on Wednesday after the Supreme Court has cancelled 214 coal blocks, which were declared illegal by it in a previous judgement. The apex court has exempted 4 coal blocks, which were allocated to SAIL, NTPC and Sasan UMPP from cancellation.
Shares of Usha Martin dropped the most with fall of 10.03% followed by GMR Infrastructure (10.55%), Jayaswal Neco Industries (7.64%), Jindal Steel & Power (9.99%), Indiabulls Infrastructure and Power (9.28%), Monnet Ispat Energy (6.58%), Prakash Ind (8.20%), Sarda Energy & Minerals (1.63%), SAIL (2.89%), and Hindalco (0.48%).
Among lenders to the power sector, PFC and REC dropped 0.17% and 0.26% respectively.
On the other hand, shares of Coal India climbed 5.02% followed by Reliance Power (4.34%) and NTPC (0.91%).