Shares of JSW Steel and Tata Steel slipped 2-4 percent in the early trade on Wednesday after brokerage house CLSA has downgraded the stocks to sell.
According to CLSA, the deteriorating Chinese demand outlook is going to weigh on commodity prices.
It cut FY20-21 EPS estimates by 9-38 percent factoring in lower commodity prices and stronger rupee.
Broking house has downgraded JSW Steel to sell from underperform and also cut target price to Rs 260 from Rs 375 per share.
It has also downgraded Tata Steel to sell from buy and cut target to Rs 460 from Rs 855 earlier.
At 09:18 hrs Tata Steel was quoting at Rs 503.75, down 2.29 percent and JSW Steel was quoting at Rs 296.80, down 2.22 percent on the BSE.
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