Tata Steel shares tank 4% as Q3 profit lags market estimates
Tata Steel yesterday posted a consolidated net profit of Rs 503.24 crore for the October-December quarter
 "Tata Steel shares tank 4% as Q3 profit lags market estimates")
Shares of Tata Steel today fell by 4% after the company posted a consolidated net profit of Rs 503.24 crore for the October-December quarter, that lagged market estimates.
Tata Steel's stock ended 4.05% lower at Rs 374.35 on the BSE. During the day, the scrip tanked 4.31% to Rs 373.30.
At the NSE, the stock settled 4.09% lower at Rs 373.80.
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"Tata Steel's consolidated Q3 FY14 net sales and operating profit were above our estimate but the net profit was below our expectations," Angel Broking said in a report.
Tata Steel yesterday posted a consolidated net profit of Rs 503.24 crore for the October-December quarter.
The company, however, said market conditions continue to be challenging in all geographies.
Tata Steel had clocked Rs 763.06 crore net loss in the October-December quarter last fiscal. However, it had logged Rs 917 crore net profit in the July-September 2013 quarter.
Total income of the company in the third quarter of this fiscal rose 14% to Rs 36,736 crore from Rs 32,107 crore on higher sales, which stood at 6.83 million tonnes (MT) from 5.83 MT a year earlier.