A file photo of a steel plant

A file photo of a steel plant

Tata Steel slides on poor quarterly earnings

Tata Steel slides on poor quarterly earnings

Mumbai: Shares of Tata Steel tumbled by over 5% in early trade on the bourses Friday after the company’s consolidated net profit plunged by 93% to 139 crore in the second quarter of the current fiscal.

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A file photo of a steel plant

In a similar fashion, the scrip fell by 5.46% to an early low of 423.15 on the National Stock Exchange (NSE).

Hit by higher raw material costs and lower average selling prices across its European operations, Tata Steel reported a steep 93% fall in net profit to 139 crore for the quarter ended 30 September.

The steelmaker had reported a profit of 1,968.23 crore for the corresponding year-ago period.

Tata Steel’s results were announced Thursday, with the stock market closed in observance of ‘Gurunanak Jayanti’.

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