Tata Steel shares down nearly 3%

Tata Steel posted about 90 per cent drop in consolidated net profit.

Written by Agencies | New Delhi | Published:May 21, 2012 12:39 pm

Shares of Tata Steel fell by nearly three per cent in the morning trade today after the company posted about 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.

At 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 morning trade.

On the volume front,8.30 lakh shares of the company were traded on the BSE,while over 33 lakh shares changed hands on the NSE during the early trade.

Tata Steel last week posted nearly 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 at 1045 hrs.

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