Tata Steel down 4% on sharp drop in net

The stock slipped to a low of Rs 478 and finally settled at Rs 483, down around 4% from the previous close. The counter clocked volumes of  3.17 million shares as compared to the two-week daily average traded volumes of 1.81 million shares on the BSE.
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(Updated at 1031hrs)

Tata Steel has slipped 4% following a shapr fall in net profit.

The stock opened at Rs 495 and then slipped to a low of Rs 480. The scrip is now trading at Rs 483, down around 4% from the previous close. The counter has witnessed trades of 760,412 shares as compared to the two-week daily average traded volumes of 1.81 million shares on the BSE and the stock has slipped 12% in a week.

The company posted a 49% drop in net profit at Rs 902.94 crore in the second quarter, following a sharp fall in steel and ferroy's price.The income even slipped 16.46% to Rs 5,692.