Tata Steel's stock tumbled nearly 6 per cent today after it reported 69 per cent dip in consolidated net profit for the October-December quarter.
The stock ended the day with a loss of 5.79 per cent at Rs 347.90 on the BSE. During the day, it plunged 6.17 per cent to Rs 346.50.
At the NSE, the scrip fell sharply by 5.75 per cent to settle at Rs 347.45.
In the process, the company's market valuation fell by Rs 2,077.42 crore to Rs 33,788.58 crore.
Notwithstanding an improved show by its European operations, Tata Steel had on Friday reported a 69 per cent dip in consolidated net profit for the October-December quarter at Rs 157 crore impacted by subdued performance of its Indian unit, which has always been its cash-cow.
The company had clocked Rs 503 crore net profit after taxes, minority interest and share of profit of the associates during the October-December quarter of the last fiscal.
Profit after tax from Indian operations, which comprise a 9.7 million tonnes per annum steel plant at Jamshedpur, fell to Rs 881 crore compared to Rs 1,519 crore in the same quarter last fiscal. It sold 2.13 MT steel during the quarter, up from 2.07 MT a year earlier.
Turnover from India also declined to Rs 9,897 crore from Rs 10,143 crore.
