Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market.
Mumbai: Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market.
Net profit after minority interest and share of associates was 5.98 billion rupees ($108 million) for the quarter ended June, compared with a profit of 53.5 billion rupees, including one-time gains of about 40 billion rupees, a year earlier.
A Reuters poll of brokerages had forecast net profit of 6.7 billion rupees.
Shares in Tata Steel, valued at $7 billion, closed down 1.2 per cent ahead of the results.
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