Tata Steel shares tumble nearly 6 pc after Dec quarter results

New Delhi: Tata Steel shares on Monday fell nearly 6 per cent after the company reported a consolidated net loss of Rs 1,228.53 crore for the quarter ended December 31, 2019.

The scrip dropped 5.80 per cent to close at Rs 443.65 on the BSE. During the trade, it tanked 6.55 per cent to Rs 440.10.

At the NSE, it went lower by 5.91 per cent to close at Rs 443.15.

In terms of traded volume, 10.80 lakh shares were traded on the BSE and 2.6 crore shares on the NSE during the day.

Tata Steel on Friday reported a consolidated net loss of Rs 1,228.53 crore for the quarter ended December 31, 2019, mainly due to lower sales and impairment provisions for its European operations.

Tata Steel had posted a consolidated net profit of Rs 1,753.07 crore during the same quarter a year ago, the company said in a BSE filing.

Its gross sales fell to Rs 34,774 crore in October-December 2019 from Rs 38,086 crore in the year-ago period. Its expenses were at Rs 35,849 crore as compared to Rs 35,930 crore in the same period a year ago.