Bhushan Steel shares hit upper circuit on loan rejig report

Bhushan Steel shares hit the upper circuit on Friday on reports the company's lender have agreed to extend the tenure of the loans to 25 years from 8 years earlier under the Reserve Bank of India 5:25 scheme.

The share price of the company surged around 20 per cent to Rs 60.50 on the Bombay Stock Exchange. On the National Stock Exchange, it closed at Rs 60.40.

The Bombay Stock Exchange has sought clarification from Bhushan Steel with reference to the news flashed on a news channel, dated June 05, 2015 captioned "Bhushan Steel gets lenders NOD for restructuring."

For the year ended March 2015, the steelmaker reported consolidated net loss of Rs 1256.77 crore against net profit of Rs 59.14 last year.