Tata Steel shares settle over 5% lower after Q3 results

New Delhi: Shares of Tata Steel settled over 5 per cent lower on Tuesday after the firm reported a consolidated net loss of Rs 2,501.95 crore for the third quarter.

The stock of the steel maker plunged 5.32 per cent to settle at Rs 111.20 apiece on the NSE.

On the BSE, it tanked 5.23 per cent to close at Rs 111.45 per share.

In volume terms, 88.82 lakh shares of the firm were traded on the BSE and 11.09 crore shares on the NSE during the day.

On Monday, Tata Steel reported a consolidated net loss of Rs 2,501.95 crore in the December 2022 quarter on account of higher expenses.

It had posted a net profit of Rs 9,598.16 crore in the year-ago period, the company said in a regulatory filing.

Its total income on a consolidated basis fell to Rs 57,354.16 crore in the October-December quarter from Rs 60,842.72 crore earlier.

The company's expenses rose to Rs 57,172.02 crore in the quarter under review from Rs 48,666.02 crore in the year-ago period, it added.

The 30-share BSE Sensex benchmark ended 220.86 points or 0.37 per cent lower at 60,286.04 on Tuesday.