Shares of Bhushan Steel on Friday slumped 10%, 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% to hit its lowest trading permissible limit for the day of Rs. 219.35 on the BSE.
At the NSE, the stock plummeted 10% to Rs. 219.60 - its lower circuit limit.
In the previous two trading sessions, the stock had fallen by 20%.
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.
CBI had on Thursday arrested Neeraj Singal in connection with Rs. 50 lakh bribery scandal allegedly involving CMD of Syndicate Bank SK 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.