Shares of Tata Steel declined nearly 4 percent in the early trade on September 3 after company announced sale of some of its European business. Tata Steel has signed a sales and purchase agreement for Cogent Power Inc (CPI), with Japanese steel giant JFE Shoji Trade Corporation, company said in BSE release. Tata Steel Europe had announced in May 2018 the potential sale of five non-core businesses, enabling it to strengthen its focus on its strategic markets. CPI manufactures cores for electrical distribution transformers and employs nearly 300 people. However, the company has decided to retain Surahammars Bruks AB, which makes advanced steels for electric vehicles and employs around 100 people, it added. Henrik Adam, CEO of Tata Steel’s European operations said, “This is necessary, enabling us to focus our resources, including investment, on our core business and markets, helping us build a long-term sustainable future in Europe.” At 09:43 hrs Tata Steel was quoting at Rs 335.70, down Rs 9.25, or 2.68 percent on the BSE.Subscribe