Tata Steel hit a high of Rs 261.80 on Thursday before closing at Rs 250.15, down 3.97 per cent. More than 43.09 lakh shares were traded on the Bombay Stock Exchange.
The counter lost ground as traders are said to have been unwinding their positions in the derivatives segment.
The counter has heavy outstanding positions in the F&O segment and also attracts high margins. The scrip has done well on the bourses in the past few months on the back of restructuring of operations, firm steel prices and a focus on higher value added products.
A strong domestic demand fuelled by a increase in construction activity has also boosted the counter though there are some concerns on steel exports by Indian companies to China now.
