Shares of India's JSW Group drop after rape allegation against chairman

Bengaluru: Shares in Indian steel-to-power conglomerate JSW Group fell as much as 5% on Monday, a day after its billionaire Chairman Sajjan Jindal said that local media reports accusing him of rape were "false and baseless".

Flagship firm JSW Steel slid 1.8 per cent, while JSW Energy and JSW Infrastructure reversed losses to trade about 0.1 per cent and 1.7 per cent higher, respectively.

On Sunday, local media reported that a 30-year-old woman had filed a rape complaint against Jindal at a Mumbai police station. The media said the alleged incident occurred last year.

In an email to Reuters, Jindal denied the allegations and said that he would cooperate with any investigation.

As of Friday's close, JSW Steel had notched seven consecutive weeks of gains, while JSW Infrastructure had climbed for three straight weeks.

Shares of JSW Steel has risen more than 11 per cent so far this year, while JSW Energy surged over 51 per cent. JSW Infrastructure has mounted nearly 49 per cent since listing in early October this year.