Tata Steel slumps on weak Q2 sales number

Shares of Tata Steel have dipped almost 4% to Rs 217 on the BSE on weak sales number in second quarter earnings. However, the company reported a consolidated net profit of Rs 1,529 crore in September quarter, up 22% from same period last year.

Net sales took a hit, on the back of lower expenses and higher other income. Net sales stood at Rs 29,069 crore in the period under review, down 18.8% from same period last year.

Total expenses of the company too stood lower at Rs 28,846 crore in the period under review, against Rs 33,563 crore in the year-ago quarter.

At 9:40 am, the stock was down 4.04% at Rs 216 on the NSE. More than 2 million shares changed hands on the counter on the BSE and NSE.