Shares of Bhushan Steel nosedived 20 per cent today after the CBI Director Ranjit Sinha ordered an internal inquiry after his team did not arrest Vice Chairman of the company during searches at his residence in the Syndicate Bank bribery case.
Bhushan Steel's stock plunged 20 per cent to Rs 304.60 -- its lowest permissible trading limit for the day at the BSE.
On the NSE, the stock plummeted 19.99 per cent to hit the lower circuit limit at Rs 305.
Led by the sharp fall in the stock, the company's market value tumbled Rs 1,724.48 crore to Rs 6,899.52 crore.
When the CBI team reached Neeraj Singhal's residence in New Delhi on Friday to carry out searches in connection with alleged bribe of Rs 50 lakh given to Syndicate Bank Chairman cum Managing Director S K Jain, he was present there, CBI sources have said.
Despite directions from the CBI Chief, the team returned from his residence without arresting him after giving notice under section 160 of CrPC asking Singhal to appear before the agency on Saturday, they had said.
CBI sources said Jain allegedly took Rs 50 lakh in bribe from Bhushan Steel for not declaring loans of nearly Rs 100 crore as non-performing assets. A similar deal was struck with Prakash Industries also, but the alleged bribe is still being traced, the sources had said.
