Bhushan Steel Q3 loss widens to Rs1,607 crore
Bhushan Steel, which is undergoing insolvency proceedings, had posted a net loss of Rs743 crore in the December 2016 quarter
New Delhi: Debt-laden Bhushan Steel Ltd reported widening of its net loss to Rs1,607 crore for the December quarter (Q3 FY18).
The bankrupt firm, which is undergoing insolvency proceedings, had posted a net loss of Rs743 crore in the same quarter a year ago.
Bhushan Steel’s revenue from operations during October-December quarter of 2017-18 stood at Rs4,407.71 crore as against Rs4,094.73 crore in the same period a year ago, the firm said in a BSE filing. During the period under review, its total expenses also rose to Rs5,844.28 crore from Rs4,937.31 crore.
Bhushan Steel, one of the 12 NPA accounts referred by the Reserve Bank of India (RBI) to National Company Law Tribunal (NCLT) for proceedings under the insolvency and bankruptcy code (IBC), owes Rs44,478 crore to its lenders.
On Wednesday, shares of Bhushan Steel Ltd fell 3.14%, or Rs1.60, to Rs49.30 while the benchmark Sensex shed 0.42%, or 144.52 points, to end the day at 34,155.95 points.
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