Shares of Tata Steel on Thursday plunged over 5 per cent, wiping-out Rs. 1,791 crore from its market valuation, after the company reported a consolidated net loss of Rs. 5,674.29 crore for the quarter ended March 31, 2015.
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The stock tanked 5.11 per cent to settle at Rs. 342.90 on the BSE. During the day, it lost 5.56 per cent to Rs. 341.25.
At the NSE, it dipped 5.27 per cent to end at Rs. 342.25.
Led by the sharp fall in the stock, the company’s market value dipped by Rs. 1,791 crore to Rs. 33,302.98 crore.
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The stock was the biggest loser among the blue-chips on both Sensex and Nifty.
Tata Steel on Wednesday reported a consolidated net loss of Rs. 5,674.29 crore for the quarter ended March 31, mainly due to non-cash write downs and a “challenging” 2014-15 fiscal.
The domestic steel giant, counted among the top-10 steel companies globally, had posted a net profit of Rs. 1,035.87 crore in the year-ago period, according to a BSE filing.
Total consolidated income declined by 21 per cent to Rs 33,666.18 crore in the last quarter of 2014-15 compared with Rs. 42,428.05 crore in the same quarter of 2013-14.
For the 2014-15 fiscal, the firm posted a consolidated net loss of Rs. 3,925.52 crore. It had reported a net profit of Rs. 3,594.89 crore in 2013-14.
Consolidated total income declined to Rs. 1,39,503.73 crore in 2014-15, from Rs. 1,48,613.55 crore during 2013-14.