Tata Steel slipped 8 per cent to Rs 480 on the BSE in intra-day deal on report that the company’s joint venture (JV) with Thyssenkrupp may fail as the deal is yet to be approved by European regulators who have expressed concerns about its impact on competition.
Last month, while announcing the March quarter results, Tata Steel had said the company and Thyssenkrupp AG recently submitted a comprehensive package of proposed remedies after the European Commission issued its ‘Statement of Objection’ for the proposed European steel JV.
At 05:05 pm, the stock was trading 6.2 per cent lower at Rs 486 on the BSE. It was the top loser among the S&P BSE Sensex and Nifty 50 stocks. The trading volumes on the counter more-than-doubled with a combined 20.79 million shares changing hands on the NSE and BSE so far.
Read EquityPandit’s Technical Analysis Of Nifty