The shares of leading steel maker, Tata steel has fallen 2.42 per cent after the stocks we Ex- dividend on Monday.

The company said on Friday that crude steel production has increased 1.67 percent to 1.82 million tones compared to the same month in the previous year. However, it also said that the total sales remained the same at 1.59 million tonnes.

The company, which is a part of the Tata group, has recommended a dividend of Rs 12 per equity share of Rs 10 each to the shareholders for the 2012 financial year at its meeting held on May 18, 2012. Kaushik Chatterjee, chief financial officer, Tata Steel has not commented on the matter.

The company said in a filing with the BSE that, "The company has informed the BSE that the register of members and share transfer books of the company will remain closed from July 18, 2012 to July 24, 2012 for the purpose of payment of dividend and annual general meeting."

The shares of the company were trading at Rs 417.75 after hitting a low of Rs 414.05 and a high of Rs 418.55 today.