Shares of JSW Steel slipped 3% from day’s highs and even crossed the day’s low on Friday, September 26, despite the Supreme Court delivering a major relief worth nearly ₹17,000 crore in the Bhushan Power and Steel Ltd (BPSL) case.
The apex court upheld JSW Steel’s resolution plan and dismissed objections raised by ex-promoters and creditors, ensuring that the steelmaker retains control of the bankrupt company.
However, the stock did not rally sharply because the verdict was largely on expected lines. The Street had anticipated that JSW Steel would eventually retain BPSL, though many factored in a potential penalty.
The relief came as the court clarified that the delay in implementing the plan was caused by property attachments by the Enforcement Directorate (ED) and was not attributable to JSW Steel.
The bigger positive was that no penalty was imposed, countering earlier market concerns. Still, with the outcome already priced in, investors booked profits after the initial spike, keeping the stock under pressure in intraday trade.
