Tata Steel slumps 6% as S&P cuts rating

NEW DELHI: Shares of Tata Steel slipped 6 per cent after the rating agency Standard & Poor's cut the rating for the company's long-term credit rating to BB- from BB while maintaining a stable outlook. Company's with rating BB- have a moderate risk of default regarding timely meeting of financial obligations.

In reaction to the development, the scrip slumped 6.19 per cent to hit a low of Rs 231.70 on the BSE.

The company's UK holdings also had its ratings revised to B+ from BB-.