Shares of Tata Steel Ltd fell over 2 percent on Monday, emerging as the top loser on the Nifty index, after the company said it had received a demand notice of about Rs 2,410 crore from the Department of Mines, Jajpur, Odisha.
In a regulatory filing, the company said the demand pertains to an alleged shortfall in the dispatch of chrome ore from its Sukinda chromite block.
"The alleged shortfall in mineral dispatch by the company as per the Mine Development and Production Agreement for Sukinda Chromite Block has resulted in an aggregate demand of Rs 2,410.89 crore based on the sale value of the shortfall quantity and appropriation of performance security," Tata Steel said.
The company further stated that it believes the demand is not justified and that it has adequate grounds to challenge the notice.
Following the development, shares of Tata Steel declined 2.03 percent to Rs 169.85 apiece on the National Stock Exchange (NSE), making it the top laggard among Nifty constituents.
Meanwhile, shares of Hindustan Copper also traded lower, snapping a four-day gaining streak amid profit-booking.
Nifty Metal was among the top sectoral losers, declining more than 1 percent amid profit taking in other metal stocks, including Steel Authority of India, National Aluminium Company, Jindal Steel and Hindalco Industries. The index snapped its 4-day running streak.
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