Tata Steel records sharpest intra-day fall since November 2016; slips 8%

A general view shows the Tata Steel works in Scunthorpe, northern England | Photo: Reuters
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.

The stock recorded its sharpest fall since November 15, 2016, when it dipped 8.3 per cent during intra-day trade on the BSE.

The two companies had struck a deal last year to combine their European steel units to create Europe's second-largest steelmaker after ArcelorMittal. CLICK HERE TO READ FULL REPORT

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.

The company highlighted that the European Commission has started Phase II review of the merger proposal and expressed hope that the review would be completed by June.

At 01:43 pm, the stock was trading 6.5 per cent lower at Rs 485 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.