Tata Steel has lost some more its sheen today. Hitting new lows consistently for the past couple of days, today too, the stock hit a 52-week low at Rs.293.30 and currently remains around the same levels, down over 2.5%.

The poor financial performance and now the proposed union strike at its British unit on 22^nd June have disenchanted the marketmen for now.  Labelled as one of the biggest labour union strikes in past thirty years, four unions are participating in this proposed strike and the row is over pension. The workers have also decided to ban overtime and work-to-rule.

Tata Steel has proposed to replace the existing British Steel pension scheme with a 'money purchase' pension scheme, in which employees, the government and the employer will make definite contributions. However, the unions did not accept it on the ground that "it would bring more burden on the employees".

The Unions however have said that they are willing to negotiate if management comes to the table with solid proposals. Post this threat, Tata Steel has proposed to bring down the pension age from 65 to 63 years. But going ahead, if the company meets all the demands of the union, there could be a severe impact on the revenue earning, which is as such going through rough times.