Stocks

Tata Steel shares tumble nearly 6% after Dec quarter results

PTI New Delhi | Updated on February 10, 2020

Tata Steel shares on Monday fell nearly 6 per cent after the company reported a consolidated net loss of ₹1,228.53 crore for the quarter ended December 31, 2019.

The scrip dropped 5.80 per cent to close at ₹443.65 on the BSE. During the trade, it tanked 6.55 per cent to ₹440.10.

At the NSE, it went lower by 5.91 per cent to close at ₹443.15.

In terms of traded volume, 10.80 lakh shares were traded on the BSE and 2.6 crore shares on the NSE during the day.

Tata Steel on Friday reported a consolidated net loss of ₹1,228.53 crore for the quarter ended December 31, 2019, mainly due to lower sales and impairment provisions for its European operations.

Tata Steel had posted a consolidated net profit of ₹1,753.07 crore during the same quarter a year ago, the company said in a BSE filing.

Its gross sales fell to ₹34,774 crore in October-December 2019 from ₹38,086 crore in the year-ago period. Its expenses were at ₹35,849 crore as compared to ₹35,930 crore in the same period a year ago.

Published on February 10, 2020

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