Tata Steel at 52-week low on CLSA sell report

Tata Steel , one of the largest steel producers in India, dropped as much as 2.5 percent intraday to touch a new 52-week low of Rs 352.05 on Tuesday after the research firm CLSA recommended a sell rating on the stock with a target price of Rs 310.

"The renewed focus on asset sales in recent months has opened up possibilities of the sale of Corus' assets which will give Tata Steel's earnings and valuations a meaningful uplift," CLSA said.

The company's December quarter earnings were poor . Net loss jumped 27 percent year-on-year to Rs 763 crore as weak demand and prices in its main European market squeezed margins.

At 12:18 hours IST, shares slipped 2.13 percent to Rs 353.25 on Bombay Stock Exchange.

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