MUMBAI, Sept 24 (Reuters) - Shares of India’s Tata Power erased earlier gains of as much as 4.5 percent on Monday as Bumi Resources, with which Tata co-owns two mines in Indonesia, is facing an investigation over potential financial and other irregularities.
Coal miner Bumi Plc said on Monday it started an investigation into alleged wrongdoing at PT Bumi Resources, in which the London-listed coal miner owns a 30 percent stake.
Bumi Resources owns a 70 percent stake in Indonesian mines KPC and Arutmin, which run Indonesia’s richest coal mines. Tata Power owns the remaining 30 percent.
Tata Power shares were down 0.1 percent as of 0824GMT.
Reporting by Rafael Nam; Editing by Matt Driskill