The SP has been trending down in parallel to the EU debt problems and risk aversion.
I haven't done the analysis, but I would suspect the A$ to have some impact on the DYE SP for the German investors.
As the TATA announcement of whether to proceed with a product rollout approaches, I guess investors realise the very real material risk to the SP that this announcement will pose.
If TATA proceed, DYE will have to be re-rated and the SP should go nuts. If TATA don't, I believe the current SP captures a fair chunk of that reality, but there will still be a downward movement in SP.
Ironically, having such crucial announcements in the distant future is probably better than having it in the near term.
I guess we just have to wait and see.
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