The stocks of Tata Steel on Wednesday hit a 52-week low at 477.30 ahead of the Q3 earnings. At about 12.50 pm, the scrips were trading lower by 2.43 per cent at Rs 479.40.
Tata Steel Ltd, one of the flagship companies of the salt-to-software behemoth, said on Tuesday lower production in Europe will impact its financial results, ahead of a planned merger with Germany's Thyssenkrupp .
Production from its European plants fell 12.7 per cent to 2.33 million tonnes for the third quarter ended Dec. 31, the company said in a press release.
Shutdowns and operational issues at IJmuiden plant in the Netherlands and Port Talbot in Wales hurt the company's performance in the quarter, Tata Steel said. The company is currently awaiting approval from the European Commission (EC) to combine its steel unit in Europe with Thyssenkrupp, a deal that was announced last year.
Thyssenkrupp on Tuesday said it had submitted documents that the EC requested in December to resume its in-depth investigation of the transaction, which would create Europe's second-largest steelmaker after ArcelorMittal.