Why Tata Steel Stock Fell 4.50% Today? Leading Steel Stocks Declining Too

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Shares of leading steel makers such as JSW Steel Ltd, Tata Steel Ltd, Steel Authority of India Ltd and Jindal Steel Ltd witnessed sharp decline today.

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Tata Steel Ltd declined 4.50% today to close at 105.05 apiece.  JSW Steel witnessed a decline of 3.22% intraday to close at 642 apiece.  Steel Authority of India dipped 4.40% to close at 78 apiece. Jindal Steel fell the most with 5.19% to close at 383 apiece.

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Earlier, prices of leading steel stocks soared due to the Russia-Ukraine war. Now the prices of steel stocks are falling as a result of poor demand for steel internally and from China.

Major steelmakers have urged the government to reduce or remove export duty on steel products amid falling prices and rising domestic supply.

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