June 23, 2017 / 7:29 AM / 3 months ago

BUZZ-Electrosteel Steels falls; lenders to begin insolvency process

** Shares of Electrosteel Steels Ltd fall as much as 7.9 pct to 4.10 rupees

** Electrosteel executive says lenders have decided to begin insolvency proceedings against it under India’s bankruptcy laws

** Local media reported lenders have also started insolvency process against Bhushan Steel Ltd, which slides as much as 10 pct

** Bhushan Steel executive says lenders have not yet communicated start of proceedings to company

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