Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  JSW Steel stock touches 52-week low on fears of unit closure
BackBack

JSW Steel stock touches 52-week low on fears of unit closure

JSW Steel stock touches 52-week low on fears of unit closure

A file photo of JSW Steel Ltd.’s Jindal Vijaynagar works, in Bellary.Premium

A file photo of JSW Steel Ltd.’s Jindal Vijaynagar works, in Bellary.

Mumbai: Shares of JSW Steel slumped as much as 5% on Wednesday, dipping to 52-week low, after the company said its Karnataka facility may face a complete closure due to acute shortage of iron ore.

The company on Tuesday said that its Karnataka unit may come to a complete closure due to acute shortage of iron ore -- a development that could lead to shortage of steel in the domestic market and increase in prices.

A file photo of JSW Steel Ltd.’s Jindal Vijaynagar works, in Bellary.

Shares of the company opened on a weak note in an already bearish market and then slipped 4.83% to an intra-day low of 581 on the BSE. They tanked 4.96% to a low of 580.10 on the National Stock Exchange.

The stock however regained some lost ground and was trading at 582.35, down 4.61% on BSE and at 581.60, down 4.72% on NSE at 1234 hours.

“We may have to shut entirely (Vijayanagar plant)...There is a good possibility of that (closure) if the situation does not improve," JSW vice chairman and MD Sajjan Jindal said.

Meanwhile, Steel secretary P K Misra has said that the government will present a fact-sheet before the apex court on how many units have been closed or have resorted to production cut. He sought inputs from the units in the state for the same.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Sep 2011, 03:19 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App