Stocks

Tata Metaliks hits near 2-1/2-year low as profit drops

Reuters July 16 | Updated on July 16, 2019 Published on July 16, 2019

Shares of Tata Metaliks Ltd fell as much as 6.8 per cent to Rs 541.8, their lowest since March 2017.

The pig iron manufacturer posted a nearly 35 per cent fall in June-quarter consolidated profit on Monday as ~10 per cent rise in raw material cost drove expenses higher.

The stock is on track for its third straight session of losses.

Up to last close, shares have fallen 6.3 per cent this year, while its peer JSW Steel is down 11.7 per cent in the same period.

Published on July 16, 2019
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