Bhushan Steel was locked at 5% upper circuit at Rs 117.95 at 10:19 IST on BSE after the company said that its vice chairman and managing director Neeraj Singal has been released on bail from judicial custody on 27 September 2014.
The announcement was made after market hours on Monday, 29 September 2014.
Meanwhile, the S&P BSE Sensex was up 18.87 points or 0.07% at 26,615.98.
On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 3.58 lakh shares in the past two weeks.
The stock opened with an upward gap surging by the maximum permissible level of 5% and remained locked at 5% level at Rs 117.95 so far in the day.
The Central Bureau of Investigation (CBI) had on 7 August 2014 arrested Bhushan Steel's Vice Chairman and Managing Director Neeraj Singal in the bribery scandal involving Syndicate Bank's suspended chairman S K Jain.
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. Net sales rose 12.5% to Rs 2662.62 crore in Q1 June 2014 over Q1 June 2013.
Bhushan Steel is one of the leading players in steel industry.
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