India's Tata Steel posts 87% profit plunge, misses estimates as prices drop

BENGALURU, Oct 31 (Reuters) - India's Tata Steel (TISC.NS) on Monday missed analysts' quarterly earnings estimates by a wide margin as profit slumped more than 87% due to a drop in steel prices amid a global economic slowdown.

Concerns over slowdown in key economies, geopolitical issues and seasonal factors have led to a "volatile operating environment", Chief Executive Officer T.V. Narendran said.

Tata Steel, established in 1907, reported a consolidated net profit of 15.14 billion Indian rupees ($182.87 million) for the three months to Sept. 30, compared with analysts' average estimate of 27.32 billion rupees, according to Refinitiv IBES data.