Bhushan Steel shares plunge 20 pc for second straight day

Shares of Bhushan Steel tanked 20 per cent for the second straight day today after a special CBI court issued non-bailable warrants against the Vice Chairman and Managing Director of the company in the Syndicate Bank bribery case.
Bhushan Steel's stock plummeted 19.99 per cent to Rs 243.70 -- its lower circuit limit on the BSE.
At the NSE, the scrip plunged 20 per cent to hit its lowest trading permissible limit of the day at Rs 244.
Yesterday, it had also slumped 20 per cent on bourses.
Following the slump in the stock, Bhushan Steel's market capitalisation plummeted by about Rs 3,100 crore in just two days to Rs 5,520.07 crore.

A special CBI court today issued non-bailable warrants (NBWs) against Neeraj Singal, Vice Chairman and Managing Director of Bhushan Steel Ltd (BSL) in connection with the Syndicate Bank bribery case.

The CBI court issued NBWs against Singal and Purushotam Totlani, an alleged middleman.
The order came after the CBI informed the court that both the accused were evading arrest and despite several efforts and repeated notices being served upon them, they have not joined the ongoing probe yet.
On August 6, Singhal was refused anticipatory bail in connection with Syndicate Bank bribery case by a Delhi court which said he was one of the "key beneficiaries" and needs to be confronted with other accused.

On August 2, CBI had arrested six accused, including Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.