Tata Steel shares drop by over 5% ahead of earnings

The shares of Tata Steel plunged over 5% as the company will be announcing its financial results for the quarter ended on June 30, today.

The shares of the company closed at Rs 373.60 per piece, down 5.30%, or Rs 20.90 on BSE. It hit a high at Rs 386.90 and low at Rs 372.

During the day, the shares did not had any buyers.

Recently, Thyssenkrupp was in merger talks with Tata Steel's European steel business.

Debt-ridden, Tata Steel's UK business was planning to sell its business and was looking for interested buyers. However, later, the company cancelled the sale of its plants and now it is expected to cut costs by 100 million pounds.

In July, in domestic market, the company had said that its hot steel production rose by 16.66% to 3.01 million tonnes in the first quarter of the current fiscal.

The company had recorded hot metal output at 2.58 MT in the first quarter (Q1) of 2015-16.