Bhushan Steel hits 20% UC

Bhushan Steel hit the 20% upper circuit at Rs.69.80, with an 8 times rise in volume.

The stock price rose on unconfirmed news that ArcelorMittal has joined the list of suitors who are bidding for the takeover of the company.

There are some seven more companies who have expressed interest to takeover the company and chief amongst them, apart from ArcelorMittal are Tata Steel, JSW Steel, Vedanta.

This is one company in the dirty dozen identified by RBI for insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).  The company’s debt at end of FY16 stood at Rs.37,500 crore.