Tata Steel hits 52-week low, down 5.61%

MUMBAI: Shares of Tata Steel were down 5.61 per cent at Rs 287.70 on the BSE Wednesday, leading the slide among metal stocks. The stock touched a 52-week low of Rs 278.25 in the few minutes of trade.

The fall in the metal space follows continued decline in commodities prices. On LME, aluminum was down 0.7 percent at $2,266 a tonne, lead slipped 3.1 percent to $1,590, nickel lost 1.6 per cent to $12,600, and tin fell 3.3 per cent to $14,500.

Hot-rolled steel prices have cooled down globally to $750 per tonne from $900 around six weeks earlier, as traders fear the effects of global recession and impact on demand for steel over the next few quarters.