Shares of Bhushan Steel today rose nearly 5 per cent after the National Company Law Appellate Tribunal (NCLAT) declined to stay Tata Steel's acquisition of the debt-laden firm under the corporate insolvency resolution process.
The stock rose 4.88 per cent to end at Rs 29 -- its upper circuit limit -- on BSE.
At NSE, shares of the company moved up by 4.88 per cent to close at Rs 29 - its upper circuit limit.
An NCLAT bench headed by Chairman Justice S J Mukhopadhaya today also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal, challenging the sale.
Last week, Tata Steel, through its subsidiary, completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel for around Rs 36,400 crore after emerging as the winning bidder in an insolvency auction.
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