Investors in Bhushan Steel have become poorer by a whopping Rs 4,598 crore in five sessions during which its shares have tanked 53 per cent amid persisting concerns related to a bribery case.
Shares of Bhushan Steel today nosedived 9.98 per cent to Rs 177.75 -- its lower circuit limit on the BSE.
At the NSE, the scrip tanked 9.99 per cent to Rs 177.90.
Bhushan Steel's market valuation has also taken a sharp hit, falling by Rs 4,597.77 crore to Rs 4,026.23 crore during this period.
The CBI has arrested Neeraj Singal, Vice Chairman and Managing Director of the firm in connection with Rs 50 lakh bribery scandal involving Syndicate Bank.
On August 2, the 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.
Meanwhile, Bhushan Steel today reported Rs 141.63 crore loss in the first quarter of current fiscal due to higher expenses and finance costs.
The company, which has three plants with a cumulative steel-making capacity of around two million tonnes per annum, had clocked Rs 76.26 crore net profit during the same quarter last fiscal, it said in a statement.
