Shares of Tata Steel Long Products slumped sharply on Friday after the company reported a loss of Rs 331.09 crore in the quarter that ended in June.
The shares traded at Rs 582.90, down 3.68 per cent. Its intraday low was Rs 570.
In the year-ago quarter, it had, however, reported a profit of Rs 331.6 crore.
The company has witnessed losses due to higher expenses. Its expenses almost doubled to Rs 2,489.58 crore in the mentioned quarter. Last year, it was at Rs 1,282.59 crore, the company said in a regulatory filing to stock exchanges.
The company is in the business of manufacturing steel and allied products including the manufacture of sponge iron and the generation of power.
This year, Tata Steel Long Products, a unit of Tata Steel, acquired a strategic stake in Odisha-based Neelachal Ispat Nigam Limited (NINL) for Rs 12,100 crore, which will provide an inorganic growth opportunity for the Tata company to grow in the long products business and leverage the captive iron ore mines of NINL.
( With inputs from ANI )
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