Essar Energy is leading the FTSE 100 fallers after announcing its chairman was temporarily stepping down.
Ravi Ruia, who will remain as a director of the Indian energy business, is involved in a probe by India's Central Bureau of Investigation into the award of mobile phone licences. There are no charges of bribery or corruption but the CBI is looking at ownership in licensee companies and claims Ruia suppressed facts relating to a holding by Essar Group in Loop Telecom.
The company said the charges do not relate to Essar Energy, and it was surprised at the CBI's stand. Ruia and Essar Group deny all the charges.
Even so Essar Energy, which floated in April 2010 at 420p a share, fell 4.5p to 173.5p. Another poor performance from an IPO on the London Stock Exchange.
