Bhushan Steel stock hits 52-week low, down 70% in 2014

The Bhushan Steel stock on Tuesday fell to its 52-week low in afternoon trade. The stock is down nearly 70 per cent from the level of Rs 478, it closed on January 1, 2014.

At 3:03 pm, the stock was trading at Rs 144.90, its lowest level in 52 weeks. The stock closed at the same level on the BSE.

The company came into news after the Central Bureau of Investigation (CBI) arrested its vice chairman and managing director Neeraj Singal on August 7, 2014 in an alleged cash-for-loan scam involving Syndicate Bank Chairman S K Jain.

Singal had allegedly gone missing from his residence after the agency had carried out searches and did not appear on August 2 before the officials of the agency for examination.

On August 2, CBI had arrested six accused, including S K Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.