Bhushan Steel hit a lower circuit limit of 5% at Rs 128.25 at 12:49 IST on BSE on profit booking after the stock rose 47.49% in the preceding eight trading sessions to Rs 134.95 on 12 September 2014, from a recent low of Rs 91.50 on 2 September 2014.
Meanwhile, the BSE Sensex was down 199.70 points, or 0.74%, to 26,861.34.
On BSE, so far 5.98 lakh shares were traded in the counter, compared with an average volume of 87,404 shares in the past one quarter.
The stock hit a high of Rs 138.80 and a low of Rs 128.25 so far during the day. The stock hit a 52-week high of Rs 504 on 11 November 2013. The stock hit a 52-week low of Rs 86.95 on 3 September 2014.
The stock had underperformed the market over the past one month till 12 September 2014, falling 24.08% compared with 4.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 69.07% as against Sensex's 5.81% rise.
The mid-cap company has an equity capital of Rs 45.30 crore. Face value per share is Rs 2.
The recent rally in shares of Bhushan Steel was triggered by bargain hunting after the stock tumbled 76.83% to Rs 91.50 on 2 September 2014 from Rs 394.85 on 1 August 2014. The steep slide was after the Central Bureau of Investigation (CBI) on 7 August 2014 arrested Bhushan Steel's Vice Chairman and Managing Director Neeraj Singal in the bribery scandal involving Syndicate Bank's now suspended chairman S K Jain, who is also in custody. CBI has filed two cases against Jain, accusing him of receiving a bribe of Rs 50 lakh through conduits and abusing his official position to enhance the credit limits of some companies in violation of laid-down procedures.
Bhushan Steel reported a net loss of Rs 141.63 crore in Q1 June 2014 compared with net profit of Rs 76.26 crore in Q1 June 2013. Total income rose 12.41% to Rs 2803.72 crore in Q1 June 2014 over Q1 June 2013.
Bhushan Steel is one of the leading prominent player in steel industry. The company is now India's 3rd largest secondary steel producer company with an existing steel production capacity of 2 million tonne per annum (approx).
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