Tata Steel shares decline nearly 4 pc after Q3 loss

New Delhi, Feb 7 (PTI) Shares of Tata Steel on Tuesday declined nearly 4 per cent in the early trade after the firm reported a consolidated net loss of Rs 2,501.95 crore for the third quarter.

The scrip fell 3.83 per cent to Rs 113.10 apiece in the morning trade on the BSE.

On the NSE, it plunged 3.66 per cent to Rs 113.15 per share.

The financial result of the company came after market hours on Monday.

The 30-share BSE Sensex was trading 71.32 points or 0.12 per cent lower at 60,435.58 in the morning trade.

Tata Steel on Monday reported a consolidated net loss of Rs 2,501.95 crore in the December 2022 quarter on account of higher expenses.

It had posted a net profit of Rs 9,598.16 crore in the year-ago period, the company said in a regulatory filing.

Its total income on a consolidated basis fell to Rs 57,354.16 crore in the October-December quarter from Rs 60,842.72 crore earlier.

The company’s expenses rose to Rs 57,172.02 crore in the quarter under review from Rs 48,666.02 crore in the year-ago period.