Shares of Bhushan Steel today slumped 10 per cent, extending its downtrend for the third consecutive day, after the CBI arrested Neeraj Singal, Vice-Chairman and Managing Director of the company, in connection with Rs 50 lakh bribery scandal involving Syndicate Bank.
Shares of Bhushan Steel tumbled 10 per cent to hit its lowest trading permissible limit for the day of Rs 219.35 on the BSE.
At the NSE, the stock plummeted 10 per cent to Rs 219.60 — its lower circuit limit.
In the previous two trading sessions, the stock had fallen by 20 per cent.
Tracking weakness in the stock, Bhushan Steel’s market valuation fell by Rs 3,655.48 crore to Rs 4,968.52 crore in just three days.
The CBI had yesterday arrested Neeraj Singal in connection with Rs 50 lakh bribery scandal allegedly involving CMD of Syndicate Bank S K Jain.
Singal had allegedly gone missing from his residence after the agency had carried out searches and did not appear on Saturday before the officials of the agency for examination.
On August 2, CBI had arrested six accused, including the Chairman-cum-Managing Director of Syndicate Bank, SK Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.