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Bhushan Steel has frozen lower circuit for second day in a row, tanks 20% to Rs 244, also its lowest level since November 2009 on BSE, after Delhi court dismissed the anticipatory bail plea of the company’s vice-chairman Neeraj Singhal in connection with the Syndicate Bank bribery case.
Since Monday, August 4, the stock has tanked 38% from Rs 395 on reports that Jain allegedly taken Rs 50 lakh as bribe from Bhushan Steel for not declaring loans of nearly Rs 100 crore as non-performing assets (NPAs).
The market value of Bhushan Steel has dropped from Rs 3,416 crore to Rs 5,527 crore in past four trading sessions.
Singhal was instrumental in passing on the bribe money to Jain and was present in his house when the Central Bureau of Investigation (CBI) team reached the spot for search and raid operations.
CBI opposed the bail plea contending Singhal was involved in the entire conspiracy. To support its allegations against Singhal, the agency submitted in the court some documents seized from Bhushan Steel and Syndicate Bank during the raids, the PTI report suggests.
At 1145 hours, a combined 190,567 shares changed hands and there are pending sell orders for 1.73 million shares on BSE and NSE.
Since Monday, August 4, the stock has tanked 38% from Rs 395 on reports that Jain allegedly taken Rs 50 lakh as bribe from Bhushan Steel for not declaring loans of nearly Rs 100 crore as non-performing assets (NPAs).
The market value of Bhushan Steel has dropped from Rs 3,416 crore to Rs 5,527 crore in past four trading sessions.
Singhal was instrumental in passing on the bribe money to Jain and was present in his house when the Central Bureau of Investigation (CBI) team reached the spot for search and raid operations.
CBI opposed the bail plea contending Singhal was involved in the entire conspiracy. To support its allegations against Singhal, the agency submitted in the court some documents seized from Bhushan Steel and Syndicate Bank during the raids, the PTI report suggests.
At 1145 hours, a combined 190,567 shares changed hands and there are pending sell orders for 1.73 million shares on BSE and NSE.
