 "Bhushan Steel plunges 20% on heavy volumes")
Bhushan Steel has locked in lower circuit of 20% at Rs 305, also its 52-week low on National Stock Exchange (NSE), on back of heavy volumes.
According to Business Standard reports, the Central Bureau of Investigation (CBI) has ordered an internal inquiry against its own officers not arresting Neeraj Singhal, vice-chairman & managing director of Bhushan Steel, one of the companies that were allegedly trying to settle their loan dues by paying a bribe.
Singhal was instrumental in passing on the bribe money to S K Jain, suspended chairman and managing director (CMD) of Syndicate Bank and was present in his house when the CBI team reached the spot for search and raid operations, added report.
Since Monday, August 4, the stock has tanked 23% 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).
At 1320 hours, a combined 660,000 shares changed hands and there are pending sell orders for 625,832 shares on NSE and BSE.
According to Business Standard reports, the Central Bureau of Investigation (CBI) has ordered an internal inquiry against its own officers not arresting Neeraj Singhal, vice-chairman & managing director of Bhushan Steel, one of the companies that were allegedly trying to settle their loan dues by paying a bribe.
Singhal was instrumental in passing on the bribe money to S K Jain, suspended chairman and managing director (CMD) of Syndicate Bank and was present in his house when the CBI team reached the spot for search and raid operations, added report.
Since Monday, August 4, the stock has tanked 23% 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).
At 1320 hours, a combined 660,000 shares changed hands and there are pending sell orders for 625,832 shares on NSE and BSE.