Tata Steel plunges after posting weak September quarter numbers. The stock is trading at Rs 523 on the BSE, weaker by Rs 20 or 3.7%, on the BSE. It had opened at Rs 530 and has touched a high of Rs 535 and a low of Rs 521 thus far.
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The steel major posted a consolidated net loss of Rs 2,719.8 crore for the September quarter, compared with a net profit of Rs 4,703.6 crore in the corresponding quarter last year.
Consolidated net sales during the period fell to Rs 25,269.8 crore from the previous year’s Rs 44,050 crore, down 42.6 per cent.
Business restructuring also took a toll. During the quarter, Tata Steel had to shell out Rs 911 crore as restructuring costs. Poor performance in Europe added to the company's woes.
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