Bhushan Steel stock rises 20% after ArcelorMittal evinces interest to buy firm

The Bhushan Steel stock hit its upper limit on Monday after a report said global steel giant ArcelorMittal has expressed interest to buy Bhushan Steel.

According to an ET report, the LN Mittal-led firm has submitted an expression of interest for Bhushan Steel.

At 11:38 am, the stock was trading 19.93 percent higher at 69.80 level on the BSE. The stock opened at Rs 65 level today.

The stock touched a fresh 52-week high of Rs 102.80 on May 18, 2017 and a 52-week low of Rs 38 on November 17, 2016.

Bhushan Steel has a debt of Rs 44,478 crore. The firm has taken loan from at least 20 lenders.

Earlier, lenders led by State Bank of India (SBI) have taken Bhushan Steel to the National Company Law Tribunal (NCLT) for recovery under the Insolvency and Bankruptcy Code.

Bhushan Steel is among the 12 accounts identified by the Reserve Bank for immediate reference to NCLT. These 12 accounts alone constitute a quarter of the over Rs 8 trillion of non-performing assets (NPAs).