Mumbai: State-run Steel Authority of India (SAIL) plunged over 4% on the Bombay Stock Exchange (BSE), amid nervousness in the market ahead of its second quarter results to be announced on Thursday.
Shares of the steel major went down 4.06% during the morning session on the BSE to Rs204.40.
“Investors are taking cautious approach towards SAIL ahead of its results. Also, the company’s performance in the first quarter was disappointing, keeping away investors from buying the shares,” Geojit BNP Paribas financial services assitant vice-president Gaurang Shah said.
In a similar fashion, on the National Stock Exchange, the scrip was trading at Rs204.90, down 3.94%.
On the volume front, over 24.03 lakh shares of the company were traded on the bourses.
Meanwhile, the 30-share benchmark Sensex was trading at 20,075.64, up 70.27 points from the previous close.