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JSW Steel dips 7% in early trade

JSW Steel dips 7% in early trade
PTI
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First Published: Tue, May 12 2009. 11 15 AM IST
Updated: Tue, May 12 2009. 11 15 AM IST
Mumbai: Shares of Sajjan Jindal-led JSW Steel dipped as much as 7% in early morning trade on the Bombay Stock Exchange (BSE) after reports surfaced that the company is planning to sell its plants in the US to cut rising losses.
Scrips of the company opened on a weak note at Rs400, then dipped further to Rs393.30, a fall of 7.2% from its previous closing price.
Similar movement was witnessed on the National Stock Exchange (NSE) as well, where the shares opened at Rs410, then tanked 7.40% to its day’s low of Rs393.
According to media reports,JSW Steel is open to selling its US units at a price lower than its acquisition price. Jindal’s three American units recorded a loss of $61 million in the March quarter.
The scrip, however, regained some early losses and were trading at Rs402.60, down 5.01% on the BSE and at Rs403.10, down 5.03% on the NSE.
On the volume front, good movement was witnessed as over 27 lakh shares got traded on both the bourses.
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First Published: Tue, May 12 2009. 11 15 AM IST
More Topics: Company News | Shares | JSW Steel | BSE | NSE |