JBF Industries

JBF Petrochemicals, a Mangalore-based company, is up for sale for defaulting on bank loans worth Rs 5,000 crore

L N Mittal-backed HPCL-Mittal Energy and govt-owned companies remain in contention for the bankrupt firm

RIL was the lone bidder for the company with a Rs 825-crore offer as against the dues of Rs 2,100 crore of banks

RIL, meanwhile, said that there are no negotiations which are taking place for Reliance to takeover JBF Industries or its assets

The firm, a step-down subsidiary of JBF Industries, owes some Rs 5,000 cr to the lenders; search is on to find a buyer for its stalled Karnataka project

Since February 8, JBF Industries tanked 44% after reported a net loss of Rs 163 million for the quarter ended December 2017.

The stock rallied 20% to Rs 237 on the BSE in the morning deal, recovering nearly 74% from its 52-week low of Rs 136 touched on August 10, 2017 in intra-day trade.

The stock tanked 19% to Rs 143 on BSE at intra-day

The stock dipped 11% to Rs 199 on BSE in early morning trade, extending its Friday's 13% fall.

Around 3.23 million equity shares representing 3.9% of the total equity of JBF Industries changed hands on the BSE.