/ Bhushan Steel Receives Insolvency Proceeding Notice From NCLT Stock Down 2% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 14 July 2017

Bhushan Steel Limited’s shares were down by over 2% during Friday's trading session after the National Company Law Tribunal (NCLT) issued notice against Bhushan Steel Limited on Thursday over the insolvency proceedings initiated by their lenders State Bank of India and Punjab National Bank.

Also, Bhushan Power and Steel was dragged by PNB to the NCLT on Thursday over a default of about Rs 37,000 crore

Bhushan Steel has around Rs 43,000 crore liability towards more than 20 banks. Bhushan Steel and Bhushan Power were among the 12 companies which were named by RBI for initiation of corporate restructuring through the insolvency route.

Bhushan Steel Limited was trading at Rs 63.30, down by 2.31% on BSE at 1040 hours. It opened at Rs 64.70 while on Thursday it closed at Rs 64.80. The scrip touched its intraday high and low at Rs 64.70 and Rs 63.10, respectively.

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