Tata Steel closes lower on turning ex-bonus

DALAL STREET SPIKES

The scrip of steel major Tata Steel ended over 4 per cent lower on stock turning ex-bonus at the bourses. After hitting an intra-day low of Rs 256.50, the counter finally closed at Rs 258.60, down 4.54 per cent from its previous close.

The company had declared an issue of bonus shares in the ratio of 1:2. Compared with Tuesday's close of Rs 406.35, the reference price adjusted for the 1:2 bonus works out to Rs 268.20 per share. More than 44.55 lakh shares changed hands on BSE.

On the NSE, over 1 core shares were traded with the stock closing at Rs 258.60. Other steel and steel-related stocks were also hit hard on finance minister's comment on checking the inflation.

Ispat Industries was down 8.89 per cent to Rs 10.87, Jindal Vijaynagar Steel was down 5.81 per cent to Rs 11.18. SAIL, down 6.57 per cent to Rs 38.40, Tata Metaliks, down 5.68 per cent to Rs 94.65, and Essar Steel, down 6.35 per cent to Rs 26.55, were among the major losers.