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Bhushan Steel swings into net loss of Rs 142 cr in Q1

Steel manufacturer Bhushan Steel swung into net loss of Rs 142 crore for the quarter ended June 2014. The company reported a net profit of Rs 76 crore in the same period a year ago.

However, total income rose 12.5% to Rs 2,802 crore as against Rs 2,491 crore in June 2013.

The company’s Board approved issue of securities worth upto $ 1 billion.

The company has been in the news recently after CBI arrested Neeraj Singal, Vice Chairman and Managing Director of the company, in connection with Rs 50 lakh bribery scandal involving CMD of Syndicate Bank S K Jain.

At the time of BSE closing on Tuesday, the company’s scrip ended the day 10% lower at Rs 177.75.

ALSO READ: Investors in Bhushan Steel lose over Rs 4,500 crore in one week


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