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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