Phew ! just blogged on Sesa Goa last night,actually very early in the morning…..blogging again…Economic Times edition today has reported that the Government has asked the Serious Frauds Investigation Office, (SFIO) which is part of the Ministry of Corporate Affairs,to probe Sesa Goa…The MD,P K Mukherjee says he is unaware of any such order and can comment only when he receives it…anyway he says it relates to a period before Vedanta Group had acquired Sesa Goa…the news report speaks of ‘fudging invoices’ and ‘diverting funds’
Sesa Goa ,which closed at Rs 315 yesterday has opened weak…Just 15 minutes into opening it’s quoting,with heavy volumes already, in Rs 285-Rs 290 range,down near 10%
Prudent to exit for now and consider re- entering once these land ‘mines’ are negotiated and share price declines to less riskier levels