State-owned Steel Authority of India’s (SAIL) shares were down 1.9 percent at Rs 79.45, after the company declined a government call for a dividend this year, citing financial risks, Reuters reports.

Share Market Live

NSE

SAIL’s refusal could make it harder for govt to meet its budgeted target of raising Rs 1.06 trillion ($14.95 billion) from dividends and profit of state-owned companies.

A SAIL spokesman told Reuters that the firm posted a loss in the 2017/18 fiscal year, “so there is no chance of a dividend.”

More than 7.6 million shares change hands, 0.8 times the 30-day moving average.

Seven of 19 brokerages rate the stock “buy” or higher, 5 “hold” and 7 “sell” or lower; median price target is Rs 86, according to Thomson Reuters Eikon.

The stock had fallen 11.9 percent this year as of last close.