Tata Steel declined 0.33% to Rs 304.95 at 9:30 IST on BSE after Unions in UK notified plans to take industrial action in dispute over the Tata Steel UK's proposals to revise the British Steel Pensions Scheme's contribution and benefits framework.
The company made announcement after market hours yesterday, 10 June 2015.
Meanwhile, the S&P BSE Sensex was up 95.96 points or 0.36% at 26,926.85.
On BSE, so far 43,019 shares were traded in the counter as against average daily volume of 7.64 lakh shares in the past one quarter.
Shares of steel manufacturing company hit a high of Rs 306.50 and a low of Rs 303.65 so far during the day.
Tata Steel said that Tata Steel UK, indirect subsidiary of Tata Steel has now been notified by the four unions namely Community Union, Unite, GMB and Ucatt of their plans to take industrial action in dispute over the company's proposals to revise the British Steel Pensions Scheme's contribution and benefits framework.
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As per the notice, the Unions in UK propose a UK wide ban on overtime working and 'work to rule' commencing 16 June 2015 and additionally strike action at most of the UK operating units on 22 June 2015.
The company said Tata Steel Europe has strategies and actions to manage disruption of business and minimise customer and financial impact.
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