Tata Steel slips 4%, nears three-year low on weak June quarter results

In the past three months, the stock has underperformed the market by falling 30 per cent, as compared to a three per cent decline in the S&P BSE Sensex.

Shares of Tata Steel were trading near a three-year low of Rs 365, down 4 per cent in the afternoon session on Thursday. The stock has fallen 9 per cent in the past two days.  On Thursday, the company reported a higher-than-expected 64 per cent year-on- year (YoY) decline in its consolidated net profit at Rs 702 crore in April-June quarter (Q1FY20). It had registered profit of Rs 1,934 crore in the year-ago quarter.

The stock was trading at its lowest level since December 27, 2016. In the past three months, it has underperformed the market by falling 30