Tata Steel slips 5% on profit-booking after disappointing Q3 performance

The disappointing performance during the quarter was on the back of a sharp drop in realisations in Europe coupled with a non-cash deferred tax expense on account of British Steel Pension Scheme.

Shares of Tata Steel slipped 5 per cent to Rs 112 on the BSE in Tuesday’s intra-day trade on profit booking after the steel major reported a consolidated net loss of Rs 2,502 crore for the quarter ended on December 31, 2022 (Q3FY23), on account of higher expenses.

At 09:21 AM; the stock quoted 3 per cent lower at Rs 114.60, as compared to 0.13 per cent rise in the S&P BSE Sensex. In past three months, Tata Steel had outperformed the market by surging 10 per cent, as compared to 1 per cent decline in the S&P BSE Sensex.