Tata Steel drops sharply on record losses in Europe

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Shares in Tata Steel plunged by almost 3 per cent after record losses in Tata Steel Europe saw selling pressure in the counter.

Tata Steel's European arm has reported a record loss of 1.2 billion pounds for the year. According to a PTI report this marks a massive rise from 846 million pounds the previous year.

As per the company's filing, revenues fell 14 per cent to 8.7 billion pounds due to a "deterioration to market conditions in the second half".

Shares in Tata Steel fell sharply to Rs 256 touching a 52-week low of Rs 251.90 on the National Stock Exchange. Metal counters were largely trading weak in trade today.

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