Meanwhile, the BSE Sensex was down 56.11 points, or 0.32%, to 17,465.01.

On BSE, 63,000 shares were traded in the counter as against an average daily volume of 4.79 lakh shares in the past one quarter.

The stock hit a high of Rs 714 and a low of Rs 693.35 so far during the day. The stock had hit a 52-week high of Rs 940 on 15 July 2011. The stock had hit a 52-week low of Rs 464 on 20 December 2011.

The stock had outperformed the market over the past one month until 6 July 2012, rising 14.11% compared with the Sensex's 6.48% rise. The scrip had, however, underperformed the market in past one quarter, sliding 0.51% as against 0.20% rise in the Sensex.

The large-cap company has an equity capital of Rs 223.12 crore. Face value per share is Rs 10.

A foreign brokerage reportedly said the company's debt was understated on three counts: "First, acceptances of Rs 7500 crore (up from Rs 6800 crore in fiscal year ended March 2011) are effectively debt; second, securitised receivables of Rs 3100 crore (up from Rs 2600 crore); and third, Rs 1200 crore from the fall in the rupee." The net debt reported by JSW Steel on 31 March 2012 was Rs 16600 crore.

"The rise in understated debt compounds our concerns on steel oversupply in India, especially as we value JSW on EV (enterprise value)/Ebitda (earnings before interest, tax, depreciation and amortisation), and higher debt takes away from market capital. Debt understatement of Rs 11900 crore is considerable, given the market capital is only Rs 16100 crore," the foreign brokerage reportedly said, adding JSW's unhedged portion of dollar liabilities now stood at $2.9 billion, a rise of 25% compared to 2010-11.

Denying the report, the company's Joint Managing Director and Group Chief Financial Officer Seshagiri Rao said in a statement after trading hours on Friday, 6 July 2012, that, "JSW Steel prepares its annual financial statements in accordance with Indian Generally Accepted Accounting Principles (Indian GAAP) and presented its balance sheet for year ended 31 March 2012 in conformity with revised Schedule VI of Companies Act, 1956. The classification of assets and liabilities in its financial statements is not only in compliance with Indian Accounting Regulations but also consistent with the practice being followed by the company for past several years. The company strongly objects to these misleading statements. These financial statements have been audited by a reputed firm of Chartered Accountants."

JSW Steel's consolidated net profit fell 3% to Rs 769.73 crore on 40.8% growth in net sales to Rs 10152.68 crore in Q4 March 2012 over Q4 March 2011.

JSW Steel, belonging to JSW group, part of the O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, port facilities, Aluminium, Cement and Information Technology. JSW Steel Limited is engaged in manufacture of flat and long products viz. H R Coils, C R Coils, Galvanised products, Galvalume products, auto grade / white goods grade CRCA Steel, Bars and Rods. Incorporated in 1994, it has grown to US $ 9 billion in little over fifteen years. JSW Steel Limited is one of the largest producers and exporters of coated flat products in the country with presence in over 100 countries across five continents.