Dhawan told CNBC-TV18, "In Tata Steel I think the expectations were that there are not going be good results but the stock has been selling off since yesterday - market has obviously caught the wind that things are going to be worse than expected and you have seen the initial reaction again. So the stock is off almost 7-8% in the last twenty-four hours. For us the sector as a whole remains a buy on declines. It has not really fallen off so much. If it comes below Rs 500 then from an investment perspective we will probably buy into that dip."
He further added, "Medium-term outlook remains reasonably robust with the firm commodity prices. There are obviously some fears that the higher capacity and expansion plans that these companies are going to be producing more steel over the next few quarters. But the reaction is clearly there for everyone to see but from an investment perspective, wait for some further decline before taking fresh aggressive buy position."
