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Nikkei Markets

Tata Steel shares plunge after surprise quarterly loss

Company's European operations continue to reel under weak demand

Amid the worst economic slowdown in almost a decade, demand for steel in India has also been damped by weak consumer sentiment.   © Reuters

MUMBAI (NewsRise) -- Shares of Tata Steel slumped after the company reported a surprise quarterly loss amid weaker demand in Europe and shrinking price of the alloy.

The Tata Group flagship posted a loss of 10.3 billion rupees ($144 million), while analysts polled by Bloomberg were expecting a profit of 210 million rupees. Most of the losses were on account of the company's European business, which grapples with excess supply and weak demand.

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