Tata Steel plunges over 4% as net profit drops 64% in Q4; Find out what brokerages say

The shares of Tata Steel plunged over 4% in the early trading session on Thursday, after the company reported a 64% dip in net profit year-on-year in Q4FY24 on Wednesday. The share price of Tata Steel slipped 4.27%, reaching an intra-day low of Rs 166.80 on the NSE.

On Wednesday, Tata Steel reported a 64% decline in consolidated net profit to Rs 611 crore for the quarter ended March 2024, compared to Rs 1,705 crore in the same quarter the previous year. This profit figure fell short of D-Street’s Rs 991-crore estimates.

Revenue from operations for the reporting quarter also dropped by 7% year-on-year to Rs 58,687 crore.