Tata Sponge Iron plummeted 13.07% to Rs 453.95 at 15:00 IST on BSE, with the stock extending recent losses.
Meanwhile, the BSE Sensex was down 1,416.71 points, or 5.18%, to 25,949.36.
On BSE, so far 70,849 shares were traded in the counter, compared with an average volume of 1.18 lakh shares in the past one quarter.
The stock hit a low of Rs 443.05, which is also a 52-week low for the stock. The stock hit a high of Rs 504.40 in intraday trade. The stock hit a 52-week high of Rs 1,010.50 on 22 September 2014.
The stock had outperformed the market over the past one month till 21 August 2015, falling 2.46% compared with 2.9% fall in the Sensex. The scrip had however underperformed the market in past one quarter, dropping 13.21% as against Sensex's 1.59% decline.
From a recent high of Rs 573.05 on 18 August 2015, the stock has declined 20.78% in four sessions to current ruling price of Rs 453.95.
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The small-cap company has an equity capital of Rs 15.40 crore. Face value per share is Rs 10.
Tata Sponge Iron announced after market hours on Friday, 21 August 2015, that one of the kilns having an annual rated capacity of 1.2 lakh metric tonne (MT), which was under shut-down for replacement of the kiln/cooler shell from 11 May 2015, has been lit up on 21 August 2015 and the production is expected to commence in about a week's time from now.
Tata Sponge Iron's net profit fell 84% to Rs 7.09 crore on 29.2% drop in total income to Rs 151.31 crore in Q1 June 2015 over Q1 June 2014.
Tata Sponge Iron, a sponge iron manufacturer, has its manufacturing facility at Bilaipada (in Joda Block of Keonjhar District in Orissa). Initially set up as a joint venture company between Tata Steel and the Industrial Promotion and Investment Corporation of Orissa (IPICOL). It has moved on since, becoming an associate company of Tata Steel following the former's acquisition of IPICOL's stake in 1991.
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