Tata Steel’s Troubles: Shares Fall 4%; Net Profit Falls 64.5%
Tata Steel shares fell 4% on May 30 after a 64% drop in net profit for Q4, ending at Rs 611.48 crore.
Q4 revenue fell 6.7% to Rs 58,687.3 crore from Rs 62,961.5 crore a year ago, affected by lower steel prices.
At 10 am, Tata Steel's stock was at Rs 167.85 on the NSE, down 3.7% from the previous day's close.
Sales were driven by higher dispatches in domestic markets, auto grade steel, and branded retail segments.
Tata Steel will infuse up to $2.11 billion into its subsidiary T Steel Holdings Singapore to repay debt and restructure Tata Steel UK.