Tata Steel shares slide on weak earnings

PTI Mumbai | Updated on May 21, 2012

Shares of Tata Steel fell nearly three per cent in the morning trade today after the company posted about a 90 per cent drop in consolidated net profit for the fourth quarter ended March 31, 2012.

After opening weak, the shares lost 2.71 per cent to touch a low of Rs 389 on the BSE. On the NSE, the stock slipped 2.81 per cent to Rs 388.70.

The scrip was the top loser among the 30-Sensex blue-chip scrips in the morning trade.

On the volume front, 8.30 lakh shares were traded on the BSE, while over 33 lakh shares changed hands on the NSE.

Tata Steel had last week posted a 90 per cent drop in consolidated net profit at Rs 433 crore for the fourth quarter ended March 31, 2012, despite a marginal increase in income.

The company, which is the seventh largest steel producer in the world, had clocked Rs 4,176 crore net profit in the corresponding quarter previous fiscal.

The scrip underperformed the stock market trend, wherein the BSE benchmark Sensex was quoting at 16,205.73, up 52.98 points.

Published on May 21, 2012

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