ALSO READTata Steel expects Bhushan Steel sell-off to be closed this week Bhushan Steel up 20% on talks of Tata Steel become highest bidder Tata Steel highest bidder for Bhushan Steel, offers Rs 100 bn more than JSW Tata Steel, JSW-Piramal joint venture bid for debt-laden Bhushan Steel Tata Steel's Q3 saleable steel output dips 1.2% to 3.24 MT
Shares of Tata Steel tumbled for a fourth straight session on Monday, falling nearly 6 per cent, following reports that the steel major has evinced interest to acquire debt-laden Bhushan Steel. In these four trading sessions, its stock slipped 9 per cent, eroding Rs 38.3 billion from its market capitalisation.
The stock today dropped 5.82 per cent to end at Rs 648.25 on the BSE. During the day, it lost 7.16 per cent to Rs 639. On the NSE, shares of the company declined by 5.92 per cent to close at Rs 648.85.
Tata Steel was the worst hit among Sensex and Nifty stocks today. Bhushan Steel today said Tata Steel, JSW Living Pvt Ltd and a consortium of the company's own employees have submitted bids to take over its assets. In terms of equity volume, 12.96 lakh shares of the company were traded on the BSE and over 10 million shares changed hands on the NSE during the day.