Tata Steel Declines – Company Wins Bhushan Stel Bid
Shares of the country’s second-largest steelmaker extended decline for the third straight trading session. The stock fell as much as 3.9 percent to hit over a seven-month low of Rs 558.40
The company won bid to acquire Bhushan Steel in the auction process, according to its stock exchange filing. The acquisition is subjected to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India, the notification added.
Besides, Tata Steel has accepted the letter of intent for Bhushan Steel under the Insolvency Resolution Process of IBC.
The Relative Strength Index was 29, indicating that the stock may be oversold. The scrip declined 19 percent so far this year, compared to 22 percent gain in the past 12 months.
