Tata Steel hits four-year low

Tata Steel has underperformed the market, by falling 25% in past one month as compared to 3.4% fall in S&P BSE Sensex and 15% decline in metal index.

Tata Steel is trading lower by 5% to Rs 197, its lowest level since December 2008, on BSE. The stock opened at Rs 206 and has seen a combined 5.1 million shares changing hands on the counter so far on BSE and NSE.

Shares of Tata Steel has underperformed the market, by falling 25.4% in past one month as compared to 3.4% fall in benchmark S&P BSE Sensex and 15% decline in metal sector index.

Cyrus Mistry, chairman of Tata Steel in his first annual letter to the company's shareholders said, in the face of volatile raw material prices and systemic weakness in demand in key markets, the next 18-24 months will be challenging for Tata Steel.

However, I believe, we will emerge on a stronger footing, through a series of management initiatives targeted at strengthening our core operations including investment in select facilities, product rationalisations and right-sizing of manufacturing assets, Mistry said in the company’s 2012-13 annual report dated 11th June 2013.

Meanwhile, the company is schedule to declare its April-June (Q1) earnings on August 13.