The scrip settled at Rs 1,555, down 4% from its previous close. The counter clocked volumes of 1 lakh shares on the BSE.
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(Updated at 0932hrs)
Bhushan Steel has slumped in early trades on news of acquiring plot for Rs 1,530 crore.
The stock opened at Rs 1,605 and touched a high of Rs 1,610. Thereafter, the stock tumbled 4% to a low of Rs 1,561. It is now trading with a loss of Rs 64 or 4% at Rs 1,562.
The stock is trading down 9% from its 52 week high of Rs 1,718. Over 11,000 shares have been traded on the BSE so far.
Bhushan Steel and Essel Group are set to acquire a 250-acre plot in Kharghar (Navi Mumbai). The Bhushan Steel-led consortium beat nearly 100 other bidders to acquire the land from City and Industrial Development Corporation of Maharashtra (Cidco).
The total deal is worth Rs 1,530 crore and is the largest ever property deal in over 18 months. The transaction, if cleared by the authorities, will become the largest in Mumbai.