Tata Sponge shares tumble 9 pc on disappointing Q4 show

Stocks of Tata Sponge Iron plunged almost 9 per cent today after the company reported a drop of 79 per cent in its net profit on a consolidated basis for the fourth quarter ended March 31.
The stock settled the day with a steep fall of 8.98 per cent at Rs 711.85 on the BSE. During the day, it plummeted 12.54 per cent to Rs 683.95.
At the NSE, the scrip tumbled 8.81 per cent to Rs 712.65.
Tata Sponge Iron, an associate firm of Tata Steel, today reported a drop of 79 per cent in net profit on a consolidated basis at Rs 8.57 crore for the fourth quarter ended March 31 on account of lower sales.

The company had posted a net profit of Rs 40.50 crore during January-March quarter last year.
Its net sales dipped 30 per cent to Rs 159.85 crore during January-March 2015 against Rs 228.36 crore during the fourth quarter of the previous fiscal.

Total expenses of the firm stood at Rs 166.15 crore during the quarter against Rs 181.64 crore in the corresponding quarter of the previous fiscal.
Its revenue from sponge business fell by 33.16 per cent to Rs 148.92 crore, while power business revenue also saw a decline of 74 per cent at Rs 4.58 crore during the quarter under review.

Meanwhile, the benchmark BSE Sensex ended 27,676.04, down 210.17 points.