Tata Steel shares fell over 2 per cent to hit intraday low of Rs 360 ahead of its March quarter numbers which will be declared later in the day.
Tata Steel will declare its results later in the day. Analysts polled by NDTV expect Tata Steel to post net profit of Rs 233 crore from Rs 1,035 crore during the same period last year.
Analysts said that sharp decline in Tata Steel's profits comes after the company's Rs 5,000 write down for its operations in UK.
Meanwhile, Tata Steel's revenues are likely to see a dip of 18 per cent to Rs 34,349 crore from Rs 42,017 crore in the March quarter of FY14.
Tata Steel's India business profits are expected at Rs 943 crore agains Rs 1,978 crore last year on revenue of Rs 10,341 crore.
The company's gross profits are expected at Rs 2,204 crore from India's business.
As of 10:40 a.m., the shares in Tata Steel traded 1.9 per cent lower at Rs 360.75. The stock was underperforming the Nifty which was up 0.75 per cent.
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