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Bhushan Steel’s shares melt 20% for 2nd straight day

Shares of Bhushan Steel tanked 20 per cent for the second straight day on Thursday after a special CBI court issued non-bailable warrants against the Vice-Chairman and Managing Director of the company, Neeraj Singal, in the Syndicate Bank bribery case. Later in the day, Singal was arrested.

Bhushan Steel’s stock plummeted 19.99 per cent to Rs 243.70 — its lower circuit limit on the BSE. At the NSE, the scrip plunged 20 per cent to hit its lowest trading permissible limit of the day at Rs 244.

On Wednesday, it had also slumped 20 per cent on bourses. Following the slump in the stock, Bhushan Steel’s market capitalisation plummeted by Rs 3,100 crore in just two days to Rs 5,520.07 crore.

On 6 August, Singal was refused anticipatory bail in connection with Syndicate Bank bribery case by a Delhi court which said he was one of the ‘key beneficiaries’ and needs to be confronted with other accused.
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