Indian court rejects JSW Steel's plan to acquire Bhushan Power and Steel Company.

The Supreme Court of India rejected the plan of JSW Steel Limited to acquire Bhushan Power and Steel Limited on the grounds of non-compliance with the country's bankruptcy law. The court ordered for the liquidation of Bhushan Power and Steel Limited, which is a setback for JSW Steel Limited, as they had acquired the company in March 2021. Following the news, the stock price of JSW Steel Limited dropped by 7.9% in Mumbai. The company will decide on the next course of action after consulting with legal advisors on the court's ruling.