Tata Sponge weakens after Q2 net down 75%

Net profit for Sep qtr decreased 75% to Rs 5.7 crore on the back of lower sales

Shares of Tata Sponge were down over 4% at Rs 490 on the BSE after the company's net profit for the second quarter ended September 30, 2015 decreased 75% to Rs 5.7 crore on the back of lower sales compared with Rs 22.5 crore in the corresponding quarter last fiscal.

Net sales from operations for the quarter under review dropped nearly 27% to Rs 151 crore compared with Rs 206 crore in the same quarter last fiscal.

The stock opened at Rs 493 and touched a high of Rs 499. At 12:33PM, over 440,000 shares were traded on both the stock exchanges.