Tata Steel slips 4% as it posts net loss of Rs 1,229 crore for Dec quarter

The Indian economy remained weak during the quarter and domestic steel prices reached a nadir in October 2019, the company said.

Shares of steel giant Tata Steel slipped over 4 per cent on Monday as the firm posted consolidated loss of Rs 1,229 crore for the quarter ended December 31, 2019 (Q3FY20) against a profit of Rs 1,753 crore profit in the year-ago period.  

It reported a consolidated loss before tax of Rs 236 crore in the December quarter, against a profit of Rs 3,140 crore in the same period a year ago, on the back of lower sales. Consolidated net sales in the period stood at Rs 34,774 crore, down 9 per cent from the same period a year ago,