Tata Steel shares fall 4% after September quarter revenue decline

Tata Steel shares on Thursday dropped about 4 per cent after the company's September quarter earnings failed to cheer investor sentiment.

Shares of the firm fell 3.79 per cent to Rs 389 on the BSE.

At the NSE, it went lower by 3.86 per cent to Rs 388.80.

Despite a decline in revenue, which was hit by falling prices and plunging demand, Tata Steel on Wednesday reported a 5.9 per cent rise in consolidated net profit for the September quarter this year at Rs 3,302.31 crore.

For the quarter ended September 30, 2018, the company had posted a consolidated net profit of Rs 3,116.20 crore.

Consolidated income dipped 15.7 per cent to Rs 34,762.73 crore in the reporting quarter from Rs 41,257.66 crore a year-ago due to lower realisation from sales, roiled by falling prices on one hand and demand on the other.

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