JSW Steel analysts highlight scenarios for the stock after Supreme Court ruling on BPSL
JSW Steel Ltd. shares are in focus on Monday, May 5, after brokerages turned bearish on the stock following the Supreme Court terming its six-year old Bhushan Power and Steel resolution plan as “illegal”.
Brokerage firm CLSA has an “underperform” call on the stock with a price target of ₹825 per share, implying a downside of nearly 15% from Friday’s close. The stock ended nearly 6% lower on Friday at ₹970 per share.
Nuvama has a “reduce” rating on the stock with a price target of ₹977 apiece, while Equirus has two scenario analysis, where it has projected a downside of up to 13% for the stock.
Supreme Court rejects resolution plan
In 2021, JSW Steel acquired a 49% stake in Bhushan Power and Steel (BPSL) via the insolvency and…
