 "Tata Steel anticipates Rs 6,500-cr impairment charge; stock dips 2%")
Shares of Tata Steel, Indian multinational steel-making company headquartered in Mumbai, have lost up to nearly 2% to Rs 359 on the BSE as the company anticipates to take a non-cash write-down of the goodwill and assets in the consolidated financial results in the fourth quarter for the year ended March 31,2015 of nearly Rs 6,500 crores, mostly associated to the loss-making long products business in UK. CLICK HERE FOR FULL REPORT
The total impairment charge for the FY 2014-15 would be around Rs 6,500 crore in the consolidated financial results, the company said in a BSE filing.
The impairment also includes a writedown of investments in overseas raw materials projects in Mozambique, Ivory Coast and a taconite project in Canada because of low commodity prices, the company added.
Tata Steel will release the fourth quarterly results on May 20.
The stock opened at Rs 364.50, touched a low of Rs 356 on the BSE. A total of 316,509 shares changed hands on the BSE so far.
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