Latest News | JSW Steel Shares Drop over 5 Pc

New Delhi, May 2 (PTI) Shares of JSW Steel on Friday tanked over 5 per cent after the Supreme Court set aside the resolution plan submitted by the firm for Bhushan Steel and Power Ltd (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code.

The stock dropped 5.46 per cent to settle at Rs 972.15 on the BSE. During the day, it slumped 7.77 per cent to Rs 948.35.

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At the NSE, it tumbled 5.49 per cent to Rs 973.20.

The company's market valuation eroded by Rs 13,731.22 crore to Rs 2,37,734.81 crore.

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A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma ordered the liquidation of BSPL under the IBC.

The top court criticised the conduct of all key stakeholders in the resolution process — the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) — for enabling what it termed a "flagrant violation" of the IBC.

"We learnt that the Supreme Court pronounced judgment today i.e 02-05-2025 rejecting the resolution plan submitted by the company and approved by NCLAT, on certain grounds. We are yet to receive the formal copy of the order to understand the grounds for rejection in detail and its implications," the company said in a filing to the BSE on Friday.

"Once we receive the order and are able to review the same along with our legal advisors, we will decide on our further course of action," the company added.

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