Bhushan Steel remains in the red
Bhushan Steel remains in the top losers list in today morning trades. The stock, which on 11th Nov hit a new 52-week high at Rs.504, is currently down at Rs.479, with an intra day low at Rs.478.
The stock is the red ever since the company informed the Exchanges that a blast occurred at its Meramandali, Odisha factory on 14th Nov. This explosion caused the death of one person while 19 were injured. More worrying is the news that following this blast, there has been almost an exodus of foreign engineers, some 42 of them, who have left the site, citing security concerns. To make matters worse, the Odisha State Pollution Control Board has also decided to file a case against the company for commissioning the second blast furnace without its prior consent.