The shares of steel manufacturer JSW Steel led by Sajjan Jindal gained as much as 2. 68 per cent to Rs 979.75 after the Supreme Court ordered to maintain the status quo on the Bhushan Power and Steel Ltd.
This marked the biggest intraday gain since May 12 this year.
The counter has risen 14.5 per cent this year, compared to a 5.6 per cent advance in the benchmark Nifty50. JSW Steel has a total market capitalisation of Rs 2.5 trillion.
The Supreme Court on Monday directed that the status quo be maintained on Bhushan Power & Steel for now. The court issued the direction following a plea filed by JSW Steel, as it seeks a stay on liquidation proceedings for Bhushan Power.
Earlier this month, India’s apex court set aside a resolution plan…
