Mumbai: Bhushan Steel lost as much as 7.02% to 68.70 on reports that lenders have approved a debt recast.

At 9.32am, shares of Bhushan Steel Ltd were trading down 5.03% to 68.95 per share, while the benchmark index Sensex gained 0.25% to 27,730.70 points.

From the beginning of the year, Bhushan Steel shares have fallen 22%, while Sensex gained 0.84%.

Bhushan Steel issued a clarification on Thursday that the Joint Lenders Forum has agreed to extend the loans of Bhushan Steel Ltd for a tenure of 25 years under a scheme announced by the Reserve Bank of India (RBI) and the approval of the scheme is under process with respective banks.

At present, about 70% of the banks have approved the scheme and the rest are expected to do so within a month.

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