Bhushan Steel streaked deep red

Yesterday, the top loser was the bank whose CMD had taken the bribe, Syndicate Bank and today, currently, the top loser is CFO of one of the two companies, Bhushan Steel, who allegedly paid the bribe. Hitting a new low today at Rs.357, the stock is streaked deep red.

The stock has sunk into a new low, reacting to the news that the CFO of company, Arun Agarwal, had taken a loan of around Rs.100 crore from Syndicate Bank and was trying to settle the loan default by bribing the CMD of the bank. The Vice Chairman of the company is also waiting investigation by CBI.