Essar Shipping Receives Notice From Serious Fraud Investigation Office

Essar Shipping share prices slipped after the company received notice from the Serious Fraud Investigation Office. The company will see SFIO investigate into its affairs, and the company will co-operate with SFIO for the investigation, according to an exchange filing on Thursday.

"There is no material impact on financial operation or other activities of the company," the filing stated. The investigation primarily calls for information, but no further details were mentioned by the authority.

The shares of the company fell as much as 2.52% following the developments to Rs 26.65. The scrip was trading 0.22% lower at Rs 27.28 apiece on the NSE, compared to a 0.15% advance in the Nifty 50.

It has risen 42.44% in the last 12 months and declined 26.64% on a year-to-date basis. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 62.05. There are no Bloomberg analysts covering the company.