Tata Steel share price slides 4% on poor quarterly earnings

Shares of Tata Steel tumbled by over 5 per cent in early trade on the bourses on Friday after the company's consolidated net profit plunged by 93 per cent to Rs 139 crore in the second quarter of the current financial. However, they later pared the losses to close day with fall of 4.19 per cent.

After making a weak opening, shares of the company lost further ground and fell by 5.61 per cent to Rs 423.60 on the BSE. Tata Steel was the worst performer among the 30 Sensex blue-chips during morning trade. It ended the day's trade at Rs 430.00, down 18.80 points, or 4.19 per cent.

In a similar fashion, the scrip fell by 5.46 per cent to an early low of Rs 423.15 on the NSE and ended the day at 429.85, down 17.75 points or 3.97 per cent.

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

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

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

- with PTI inputs