Bank stocks cheer SC verdict on ArcelorMittal's acquisition of Essar steel

While Corporation Bank gained the most, up 17 per cent in Friday's trade, State Bank of India (SBI), IDBI Bank, Punjab National Bank, and Canara Bank rose 2.5-5 per cent

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Hamsini Karthik Mumbai

2 min read Last Updated : Nov 16 2019 | 12:15 AM IST

Most bank stocks went up after the Supreme Court on Friday cleared the decks for ArcelorMittal to take over Essar Steel following nearly 800 days of legal battle.

While Corporation Bank gained the most, up 17 per cent in Friday’s trade, State Bank of India (SBI), IDBI Bank, Punjab National Bank, and Canara Bank rose 2.5-5 per cent.

Not only will a significant amount stuck in resolution for long be freed up, experts say the Supreme Court reiterating the primacy of the committee of creditors (COC) may strengthen the position of banks in negotiating resolutions. This, according to Rakesh Sharma of Elara

Topics : ArcelorMittal Supreme Court Essar Steel Corporation Bank State Bank of India bank stocks

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