Tata Sponge Iron has dipped 9% to Rs 718 on the National Stock Exchange (NSE) after reporting a sharp 79% year-on-year (YoY) drop in its consolidated net profit at Rs 8.57 crore for the fourth quarter ended March 31, 2015 (Q4FY15), due to lower realization. Tata Group Company had profit of Rs 40.50 crore in a year ago quarter.
Income from operations declined by 30% at Rs 160 crore against Rs 228 crore in the corresponding quarter of previous fiscal, Tata Sponge Iron said in a statement.
During the quarter under review, the company reported operating loss of Rs 1.75 crore compared with profit of Rs 59 crore in previous year quarter.
The stock opened at Rs 692 and touched a low of Rs 680 on the NSE. Till 1011 hours, a combined 521,788 shares changed hands on the counter on the NSE and BSE.
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