JSW Steel today is planning to cut output by about 20 per cent to cope with the current market conditions due to which the shares of the firm dropped over nine per cent on the bourses. The company is planning to rationalize the product mix as per the current market conditions and appropriately modify the production programme to effectively reduce the total production by around 20 per cent from November 2008, JSW Steel said in a regulatory filing to the Bombay Stock Exchange.
Shares of JSW Steel today plunged 9.12 per cent to Rs 273.50 after opening the trade at Rs 295 on the BSE.On the National Stock Exchange, the scrip touched a low of Rs 273.45, down 9.06 per cent.Meanwhile, the metal and mining firm''s October crude steel production grew five per cent over the year-ago period at 3.38 lakh tones.
Shares of JSW Steel today plunged 9.12 per cent to Rs 273.50 after opening the trade at Rs 295 on the BSE.On the National Stock Exchange, the scrip touched a low of Rs 273.45, down 9.06 per cent.Meanwhile, the metal and mining firm''s October crude steel production grew five per cent over the year-ago period at 3.38 lakh tones.
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