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Tata Steel shares tank over 6% as co's Thyssenkrupp deal faces regulatory hurdles in Europe; m-cap falls by Rs 6,648 cr

New Delhi: Shares of Tata Steel plunged over 6 percent on Friday amid reports that the company's proposed deal with German major ThyssenKrupp might face regulatory hurdles in Europe.

"ThyssenKrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due to European Commission's continuing concerns," the German company said in a statement.

 Tata Steel shares tank over 6% as cos Thyssenkrupp deal faces regulatory hurdles in Europe; m-cap falls by Rs 6,648 cr

Tata Steel logo. Representational image. Reuters.

The scrip tumbled 6.10 percent to close at Rs 487.30 on the BSE. During the day, it dived 7.55 percent to Rs 479.75.

At the NSE, shares dropped 6.20 percent to close at Rs 486.95.

The scrip was the worst hit among the front-line companies on both key indices.

Following the drop in the scrip, the market valuation of the company tumbled Rs 6,648.35 crore to Rs 55,839.65 crore on the BSE.

In terms of traded volume, 26.40 lakh shares were traded on the BSE and over 3 crore shares on the NSE during the day.

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Updated Date: May 10, 2019 17:50:33 IST