Steel stocks melt on duty cut announcement

DALAL STREET SPIKES

Steel sector stocks eased out in today's trading on concerns that the government may consider a 5 per cent cut in customs duty on exports.

Among the big losers were Tata Steel, down 3 per cent to Rs 261.80, Steel Authority of India, down 3.73 per cent to Rs 40.05, Essar Steel, down 4.25 per cent to Rs 25.90, Ispat Industries, down 4.21 per cent to Rs 10.69, Uttam Galva Steel, down 4.44 per cent to Rs 19.35, and Jindal Vijaynagar Steel, down 2.05 per cent to Rs 10.99.

Tata Steel witnessed volumes of more than 33 lakh shares on the Bombay Stock Exchange and over 76 lakh shares on the National Stock Exchange.