Tata Steel, one of the leading steel makers in the world, witnessed a fall in share price on Thursday after Tata Steel, UK, indirect subsidiary of Tata Steel said Wednesday the company's four unions Community Union, Unite, GMB and Ucatt announced a UK wide ban on overtime working and 'work to rule' commencing June 16 and additionally, strike action at most of the UK operating units on June 22.
Tata Steel, UK said the unions informed about their plans to take industrial action in dispute over the company's proposals to revise the British Steel Pensions Scheme's contribution and benefits framework.
Commenting on the development, Tata Steel said, "We would like to mention that Tata Steel Europe has strategies and actions to manage disruption of business and minimize customer and financial impacts."
Shares of Tata Steel are trading at Rs 303.70, down Rs 2.25, or 0.74% at the Bombay Stock Exchange (BSE) on Thursday at 9:39 a.m.
Total volume of shares traded on the bourses today was lower by 91.44% to 528,217 compared with 22-day average volume of 6,172,350.