As many as 289 blocks have been awarded since 1993 across a mix of large, medium and small companies in the metals, power and resources sector, according to data from coal ministry. Shares of metal companies, which were awarded coal blocks, were the worst hit.

 The BSE Metal Index dropped 4.8 percent, the most since August 2013. Jindal Steel and Power Ltd fell the most, losing 13.97 percent to close at 253.15. Peer Hindalco Industries Ltd fell 9.6 percent to 164.65, JSW Steel Ltd fell 3.52 percent to 1,244.10, Sesa Sterlite Ltd fell 3.9 percent to 280.25 and Tata Steel Ltd fell 4.8 percent to 511.85. Monnet Ispat and Energy Ltd fell 5.2 percent 120.25, Sarda Energy and Minerals Ltd fell 18.3 percent to 299.25, Usha Martin Ltd fell 8.8 percent to 39.35 and Prakash Industries Ltd fell 5.1 percent to 74.75.

 The coal block allocations had led to a reported 1.76 lakh crore windfall gain for private companies. A three-judge special bench comprising chief justice R.M. Lodha, Madan B. Lokur and Kurian Joseph said the allocations suffered from the “vice of arbitrariness” and were not transparent.

 The court will decide on whether to cancel the allocations in hearings which continue from 1 September. “All eyes are now set on what happens on 1st September. Only then we will know with clarity, as to what are the consequences of today’s SC decision,” said Sanghavi of Ambit. The BSE Bankex, BSE Healthcare, BSE IT and BSE auto indices touched new records during the day, though the late selling erased some gains. BSE Healthcare, BSE IT and BSE Auto Index closed 0.5 percent, 1 percent and 0.4 percent higher respectively, while the Bankex closed 0.9 percent lower.

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