Shares of Tata Steel Long Products fell 6%, the steepest intraday decline in almost eight weeks, after the company reported a net loss in the first quarter.
It posted a net loss of Rs 331.09 crore in April-June 2022 compared with a Rs 331.60-crore net profit a year ago. The stock closed with 4% losses, the worst in nearly four weeks.
Sharp uptick in material, finance costs weighed on Q1 numbers.
Trading volume is more than nine times the 30-day average.
The stock has underperformed the markets in 2022, losing 19% compared to 7% losses for the Sensex.
Source: Exchange filing, Bloomberg
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
