Shares of Tata Steel tumbled over 5 per cent in early trade on the bourses today after the company’s consolidated net profit plunged 89 per cent to Rs 212 crore in the second quarter of the current fiscal.
After making a weak opening, the scrip lost further ground and fell 5.61 per cent to Rs 423.60 on the BSE. Tata Steel was the worst performer among the 30 Sensex blue-chips in the morning trade.
In a similar fashion, the scrip fell 5.46 per cent to an early low of Rs 423.15 on the NSE.
Hit by higher raw material costs and lower average selling prices across its European operations, Tata Steel reported a 89 per cent dip in net profit to Rs 212 crore for the quarter ended September 30, 2011.