Tata Chemicals shares down over 4 pc on muted Q2 earnings

Shares of Tata Chemicals today ended with losses of over 4 per cent amid muted quarterly earnings and resignation by its director Bhaskar Bhat.
After touching an intra-day low of Rs 478.75, the stock settled at Rs 482.65, down 4.62 per cent on the BSE.
On NSE, the stock closed at Rs 483.35, down 4.43 per cent.
At close, the market capitalisation of the company stood at Rs 12,295.81 crore.
After market trading hours on November 10, Tata Chemicals reported a marginal increase in its second quarter net profit at Rs 293 crore, while its total income declined to Rs 3,496.27 crore in the July-September quarter of this fiscal, from Rs 4,213 crore in the year-ago period.

Revenue from the fertiliser segment fell sharply to Rs 570.95 crore from Rs 1,311.65 crore, while income from sale of inorganic chemicals dropped slightly to Rs 2,123.70 from Rs 2,229.61 crore in the said period.
Meanwhile, in a regulatory filing the company said that its Director Bhaskar Bhat has resigned from the board saying concerns raised by him were "totally ignored".
Yesterday, independent directors of Tata Chemicals "unanimously" backed Cyrus Mistry as its Chairman and affirmed their confidence in the management.