The Supreme Court has cancelled the 214 illegal coal blocks allocated between 1993 and 2010. The apex court gave six months time to the holders of the 42 coal blocks that are already operational. Also the companies would have to compensate the government by paying Rs. 295 per metric tonne.

The Supreme also said the government is free to re-auction the cancelled coal mines and with this decision, industries like power, steel and cement are going to get a hit. Also private and government companies like NTPC,  SAIL, Essar, Jindal Power are going get affected. The potential investment of private and government is Rs 2 lakh crores. As the Supreme announced its verdict, the stock markets hit new low.

(AW: Vamshi)