Shares of Usha Martin were locked in upper circuit today as Tata Steel has placed an aggressive bid of Rs 6,000 crore to acquire the company.
Usha Martin stock surged as much as 19.8 per cent to Rs 28.9, highest since January 25. The stock posted biggest intraday percentage gain since January 2017.
JSW Steel Ltd has offered Rs 5,500 crore, while Vedanta Ltd is also believed to be in the race. JSW Steel declined to comment, while Tata Steel, Vedanta and Usha Martin were not immediately available for comment.
More than 8 million Usha Martin shares changed hands, compared with the 30-day moving average of 645,300.
(With inputs from Reuters)
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