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Shares of Jindal Saw Ltd dropped nearly 6 per cent to Rs 87.1, their lowest since August 11, 2017. The stock posted biggest intraday percentage loss since June 5.
The US Commerce Department had said on Wednesday it had made a preliminary finding that imports of large-diameter welded pipe from China, India, South Korea and Turkey were subsidised by those countries.
It said in a statement that it was imposing preliminary anti-subsidy duties on imports of welded pipe from India of up to 541.15 per cent and on those from China of up to 198.49 per cent. Such pipe is typically used to build oil and gas pipelines.
Jindal Saw posted sales of large-diameter saw pipes of about 535,000 tonnes for full year ended March 2018. The company stock was down 34 per cent this year, up to Wednesday's close.
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