(ANI): Shares of Tata Steel Long Products slumped sharply on Friday after the company reported a loss of ₹331.09 crore in the quarter that ended in June.
The shares traded at ₹582.90, down 3.68 per cent. Its intraday low was ₹570.
In the year-ago quarter, it had, however, reported a profit of ₹331.6 crore.
The company has witnessed losses due to higher expenses. Its expenses almost doubled to ₹2,489.58 crore in the mentioned quarter. Last year, it was at ₹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 ₹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.