Bhushan Steel shares plunge 10 per cent; market value halves in four days

MUMBAI: Shares of Bhushan Steel continued to remain under pressure for the fourth straight session today, plunging 10 per cent, after the CBI arrested Neeraj Singal, Vice Chairman and Managing Director of the firm in connection with Rs 50 lakh bribery scandal involving Syndicate Bank.

Bhushan Steel's scrip tanked 9.98 per cent to Rs 197.45, its lower circuit limit on the BSE.

At the NSE, the stock plunged 10 per cent to hit its lowest trading permissible limit for the day at Rs 197.65.

The stock has fallen by over 48 per cent in four trading sessions.

Bhushan Steel's market valuation also took a severe beating, falling Rs 4,151.54 crore to Rs 4,472.46 crore during this period.

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.