The suddenly worsening outlook for Jindal caught some analysts off guard, with Barclays completely reversing its bullish “overweight” rating to a bearish “underweight” rating last week.

Jindal shares also hit a new 12-month low on Thursday following disappointing March quarter results.

While Jindal remained confident of defeating it, Bloomberg reported that the steel giant’s billionaire chairman and former politician, Naveen Jindal, could potentially face three years jail over a court case involving a coal block in the state of Jharkhand.

“The rise of his company, Jindal Steel & Power Ltd., was built on coal mines handed out for free by the government,” the newswire reported of billionaire Jindal last week.

“That ended last year when the courts cancelled the permits. Beside the loss of investors, he’s fighting a court investigation into alleged irregularities in winning rights to a coal mine in eastern India.”