Shares of JSW Steel on Monday dropped over 3.5 percent after the company posted poor December quarter (Q3)results.
The stock slipped 3.48 percent to trade at Rs262.45 on the NSE during the mid-noon session. On the BSE, the scrip traded lower by similar margins at Rs.262.
The Company on Friday, aftermarket hours reported an 82 percent drop in profit before tax to Rs436-crore for the 3-months ended Dec-31, 2019.
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In comparison, the company had posted a profit of Rs2423-crore in the year-ago period, JSW Steel said in a regulatory filing.
The company’s Tax expense slipped 92.2 percent to Rs47-Cr in Q3 December 2019, year-on-year. Total operational revenue reportedly slipped by 10.67-percent to Rs18,182-crore from Rs20,355-Cr, year-on-year.Get more information share trading tips visit our website
With response to this negative development, the stock of JSW Steel opened at Rs265.45-per share as against the previous close of Rs271.90. The stock touched an intraday high and low at Rs.265.90 and 258.30-respectively on the NSE.
At the noon session 12.15-hrs, JSW Steel share price was quoted at Rs.262.10, down by 3.60 percent. In comparison, the Sensex stood at 41447-level, down 165 points and the Nifty tested at 12198.60, down 49 points. Meanwhile, the Nifty Metal index dropped 2.14 percent at 2,736.25 in trade.