The shares of Tata Sponge Iron Limited fell as much as 4.2 percent to ₹463.25 , the lowest since December 26, 2016.
The sponge iron manufacturer on Monday posted June-quarterr loss of ₹85.99 crore ($12.51 million) versus profit of ₹45.56 crore year ago, hurt by high finance cost and total expenses. The total expenses jumped four fold to ₹828 crore due to a spike in finance cost, cost of raw material, employee benefit cost and other expenses.
Up to last close, stock had fallen 34 percent this year, while JSW Steel Ltd which posted 57 percent drop in Q1 profit on Friday fell 21.3 percent.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.