SAIL may go below Rs 60: SP Tulsian

SP Tulsian, sptulsian.com feels that Steel Authority of India (SAIL) may go below Rs 60.

Tulsian told CNBC-TV18, "I am expecting SAIL to fall below Rs 60 because post the feedback that who all have participated in the issue, as such firstly the metal sector is under negative bias of the investors. There are no takers for the stock and when you get to know that may be about close to 55-60 percent issue has been mopped up by State Bank of India (SBI), LIC kind of things obviously things are seen quite negative because existing investors may get bit uneasy and they start exiting.”
He further added, “Such kind of behaviour we have seen in case of Rashtriya Chemicals and Fertilisers (RCF) and National Aluminum Company Ltd (Nalco), both have corrected afterwards inspite of I see them having valued at a proper level. So in case of SAIL also I am expecting that it should settle closer to about Rs 60 or so."