Tata Steel lost 2.65% to Rs 354.55 at 09:35 IST on BSE, with the stock extending Monday's 1.62% fall.
Meanwhile, the S&P BSE Sensex was up 36.86 points or 0.17% at 21,971.69
On BSE, so far 3.19 lakh shares were traded in the counter as against average daily volume of 7.02 lakh shares in the past one quarter.
The stock hit a high of Rs 365 and a low of Rs 354.05 so far during the day. The stock had hit a 52-week high of Rs 435.40 on 2 January 2014. The stock had hit a 52-week low of Rs 195.40 on 7 August 2013.
The stock had underperformed the market over the past one month till 10 March 2013, falling 4.77% compared with the Sensex's 7.87% rise. The scrip had also underperformed the market in past one quarter, sliding 13.95% as against Sensex's 3.2% rise.
The large-cap company has equity capital of Rs 971.21 crore. Face value per share is Rs 10.
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Shares of Tata Steel fell 4.24% in two trading days from a recent high of Rs 370.25 on 7 March 2014.
Meanwhile, Tata Steel said after market hours on Monday, 10 March 2014 that since the announcement on 10 April 2013 regarding amalgamation of Kalimati with the company under the Scheme of Amalgamation, the company has taken various steps to complete the amalgamation of Kalimati with the company. Currently, the Scheme of Amalgamation is pending for final hearing before the Bombay High Court.
Clause 15.C of the Scheme of Amalgamation reads that "In the event of this Scheme failing to take effect by 31 March 2014 or such later date as may be agreed by the respective boards of directors of the Transferor company and the Transferee company, this Scheme shall stand revoked, cancelled and be of no effect and become null and void, and in that event, no rights and liabilities shall accrue to or be incurred inter se between the parties or their shareholders or creditors or employees or any other person. In such case, each of the Transferor Company and the Transferee Company shall bear its own costs and expenses or as may be otherwise mutually agreed."
Pursuant to the aforesaid clause, the board of directors of the company and Kalimati have at their respective board meetings held on 10 March 2014, passed the resolutions extending the long-stop date of the Scheme by one year, i.e. from 31 March 2014 to 31 March 2015, Tata Steel said.
Tata Steel reported a consolidated net profit of Rs 503.24 crore in Q3 December 2013 as compared to a net loss of Rs 763.06 crore in Q3 December 2012. Total income rose 14.3% to Rs 36754.38 crore in Q3 December 2013 over Q3 December 2012.
Tata Steel is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes per annum (mtpa). It is the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries.
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