Stocks of Bhushan Steel have locked in 20% upper circuit after Tata Steel emerged as the biggest bidder for the troubled company. Tata steel has made a bid of Rs. 35000 crore this has been cheered by the investor class.
The stock in intra-day trade today reached a low of Rs. 51.55 on the BSE and is currently locked in at the upper circuit of 8.95 at Rs. 53.85.
Other bidders to take over Bhushan Steel include JSW Steel which made the bid for Rs. 29700 crore.
The company is amongst the 12 corporate accounts ideintified by the RBI and makes up for 25% of the total exposure to bad loans.
At 10.04am, the stock of Bhushan Steel was locked in at the 20% upper circuit on both the exchanges.