SAIL shares surge 7% after best quarterly sales in March quarter

Shares of Steel Authority of India Ltd (SAIL) on Monday soared 7 per cent after the company clocked its best ever quarterly sales at 4.27 million tonnes in the latest March quarter.

The stock gained 6.98 per cent to close at Rs 89.65 on the BSE. During the day, it jumped 7.39 per cent to Rs 90 -- its 52-week high.

On the NSE, it closed at Rs 89.65, higher by 6.91 per cent.

SAIL clocked its best ever quarterly sales at 4.27 million tonnes during the March quarter of the last fiscal year, up 14 per cent over the year-ago period.

The domestic steel giant's crude steel production too increased by 6 per cent during the quarter to 4.55 million tonnes.

However, the broader market closed in the red amid a massive sell-off.

After plummeting more than 1,400 points earlier in the day, the 30-share BSE Sensex pared some losses to close at 49,159.32, down 870.51 points or 1.74 per cent.

Similarly, the broader NSE Nifty slumped 229.55 points or 1.54 per cent to 14,637.80.