JSW Steel dips on deferment of Q2 results

JSW Steel has dipped 3% to Rs 584 after the company deferred the consolidated financial results for the quarter ended September 2011 due to a delay in completion of audit exercise of certain subsidiary, joint venture and associate companies.

"On account of a delay in completion of audit exercise for the purpose of limited review of un-audited financial results for the quarter and half year ended on September 30, 2011 of certain subsidiary/joint venture/associate companies, we hereby inform you that at the meeting of the board of directors to be held on October 21, 2011, the board would be considering only the unaudited standalone financial results instead of both standalone and consolidated financial results as intimated earlier," the company said in a filing to the stock exchanges.

“The date of the meeting of the board or a duly authorised committee thereof to consider the un-audited consolidated financial results of our company for the quarter and half year ended September 30, 2011 would be intimated separately." it added.

The stock opened at Rs 604 and hit a low of Rs 583 on the National Stock Exchange (NSE). A combined 686,859 shares have changed hands on the counter till 1032 hours.