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Bhushan Steel has frozen lower circuit for third day in a row, tanks 10% to Rs 219 on BSE after the Central Bureau of Investigation (CBI) on Thursday arrested the company’s, Vice Chairman and Managing Director, Neeraj Singal, in connection with Rs 50 lakh bribery scandal involving Chairman and Managing Director of Syndicate Bank S K Jain.
The stock is currently quoting at its lowest level since November 2009, falling 45% so far in current week from Rs 395 on August 1.
On August 2, CBI had arrested six accused, including the Chairman-cum-Managing Director of Syndicate Bank S K Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.
At 0920 hours, a combined 52,100 shares changed hands on the counter and there are pending sell orders for 551,000 shares on BSE and NSE.
The stock is currently quoting at its lowest level since November 2009, falling 45% so far in current week from Rs 395 on August 1.
On August 2, CBI had arrested six accused, including the Chairman-cum-Managing Director of Syndicate Bank S K Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.
At 0920 hours, a combined 52,100 shares changed hands on the counter and there are pending sell orders for 551,000 shares on BSE and NSE.
