India's Supreme Court cancels JSW Steel's acquisition of Bhushan Power, leading to stock drop.

From Yahoo Finance: 2025-05-05 05:39:00

The Supreme Court of India overturned JSW Steel’s $2.35bn bid to acquire Bhushan Power and Steel, ordering liquidation due to insolvency process failures. JSW Steel’s stock fell by 7% post-announcement. JSW Steel awaits the formal order to understand the rejection reasons. Bhushan Power owed $5.6bn to creditors and faced fraud allegations. Punjab National Bank initiated criminal proceedings. JSW Energy received approval to acquire KSK Mahanadi Power Company’s thermal power plant.



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