MUMBAI: Indian shares surrendered all-time highs recorded earlier in the day after the Supreme Court declared coal block allocations between 1993 and 2010 as illegal. Shares of all companies that were allocated the blocks tumbled, with the verdict casting uncertainty over the fate of these blocks.

Other companies which are dependent on such blocks to start and maintain their projects fell as well. The Bombay Stock Exchange’s 30-share Sensex closed 0.09 percent, or 23.27 points, higher at 26,442.82 points, while the National Stock Exchange’s broader 50-share Nifty shed 0.09 percent, or 6.90 points, to close at 7,906.30 points. Earlier in the day, Sensex had gained 0.8 percent or 211.19 points to record a new high of 26,630.74 points, while the Nifty advanced 0.7 percent or 55.05 points to log an all-time high of 7,968.25 points. “There is a lot of ambiguity with regard to what next after the SC decision on coal block allocation,” said Vaibhav Sanghavi, managing director of Ambit Investment Advisors Pvt. Ltd, adding that the Nifty appeared to be facing some resistance at the 8,000-level.

“Some people may not want such ambiguity in their portfolio and sold such stocks which are impacted by the decision, and that dragged the market down,” added Sanghavi. Deven Choksey, managing director and CEO of K.R. Choksey Shares and Securities Pvt. Ltd agreed. “Unfortunately, this is a situation of great uncertainty. This could result in delays in implementing some of the projects, if it is not quickly resolved,” said Choksey.

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