MONEY
Brexit has taken its first Indian corporate casualty as Tata Steel will now further delay a decision on the future of its Port Talbot plant, which it put up for sale earlier this year, the BBC reported.
Britain's business secretary Sajid Javid is due in Mumbai on Thursday to meet Tata group chairman Cyrus Mistry and the BBC said that the Brexit vote had partly caused the delay in selling the Port Talbot facility in southern Wales.
"The delay will be nominally to do two things: one, to assess the impact of Brexit while they mull that over and secondly to see whether there is any result on what can be done about the pension fund," a BBC business correspondent told BBC radio.
However, the company will proceed with the sale of its specialty steel making business, which employs 2,000 employees in Hartlepool, Rotherham and Stocksbridge.
Tata Steel is currently trading at Rs. 319.7, down by Rs 14.4 or 4.31% from its previous closing of Rs 334.1 on the BSE.