Tata Metaliks tanks 7% after profit in April-June quarter declines 35%

Profits declined on the back of a nearly 10 per cent rise in the cost of raw material.

Tata Metaliks slipped as much as 7 per cent intra-day on the BSE to hit an over two-month low of Rs 541 per share on Tuesday after its net profit tanked over 35 per cent year-on-year (YoY) in the April to June quarter of financial year 2019-20 (Q1FY20). The stock was trading at its lowest level since March 2017.

The Tata Steel subsidiary clocked a profit of Rs 19.62 crore, down 35.4 per cent, for the recently concluded quarter, as against a profit of Rs 30.39 crore in the same quarter last year. Profit declined on the back of a