Tata Steel shares drop by over 5% ahead of earnings
Recently, Thyssenkrupp was in merger talks with Tata Steels European steel business.
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.