CorporateTata Steel drops 4% on product price cut
Tata Steel plunged over 4% to settle at Rs 443. The counter saw trades of around 4.80 million shares against its two-week average quantity of 4.15 million shares.
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Tata Steel has slipped following a cut in long product prices.
The stock today opened in the red at Rs 460 and touched a high of Rs 461. Thereafter, the stock dipped 9% to a low of Rs 420. It is now trading at Rs 451 - down 2.5%. The stock, however, has gained 28% in the past month.
Around 768,209 shares have been traded on the BSE so far.
The company has reduced prices of long products by Rs 1,000-1,500 with immediate effect. The cost of the products, used mainly in the construction sector, have been reduced because of low demand, market conditions and weak monsoons.