There have been a host of rating downgrades on Tata Steel by the leading brokers after profits fell by 64% for the quarter on the back of weak revenue growth. While the India business revenues fell by just about 2%, Tata Steel took a deep hit on its European business with an 11.8% fall in revenues. However, overall revenues grew by 1.27% despite the pressure from domestic sales and Europe. The only reason Tata Steel managed to show positive growth was the inclusion of Tata Steel BSL (formerly Bhushan Steel). Apart from the seasonal slowdown in steel, the weak economic activity and the liquidity crunch also took its toll on domestic steel demand. It is best to stay off this space till the demand scenario picks up veritably.