Tata Steel stock slides 7% in 2 days

27 Sep 2022 , 02:12 PM

In Tuesday’s trading on the BSE, shares of Tata Steel fell 3% and reached a two-month low of Rs96.55. In the last two trading days, the stock has decreased by 7%. Since the board of directors of the Tata group authorized the merger of all metal firms into Tata Steel last week, the scrip has lost all gains.

The board authorized the merger of its seven metal subsidiary firms with its parent metal company Tata Steel during a meeting on Friday, September 23. Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining Company are the seven companies that will combine with Tata Steel.

The stock of Tata Steel is now trading at its lowest level since July 28, 2022, when it became ex-date for a 1:10 stock split. The board of directors of Tata Steel approved the proposal on May 3, 2022, to divide one equity share of the company, which has a face value of Rs10, into ten equity shares, each of which has a face value of Rs1, in order to increase capital market liquidity, expand the shareholder base, and make the shares more accessible to small investors.

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