Shares of JSW Steel Ltd fell as much as 4.4% on Tuesday after the Central Bureau of Investigation (CBI) on Monday said it has registered a preliminary enquiry against unknown officials of JSW Steel Ltd and the Union environment ministry.

The CBI has registered a preliminary enquiry for “alleged irregularities in granting approval/clearance ignoring the previous reservation” and for trying “to circumvent the due process for diversion of forest land for mining purpose” in Ankua reserve forest in Jharkhand, Mint reported on Monday.

The approval for mining was granted in 2013 by the environment ministry. Shares of JSW Steel closed 2.09% lower at Rs.1,208.95 apiece, while India’s benchmark Sensex index rose 0.48% to 26,880.82 points.

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