Tata Steel posts Rs 364 crore loss in Q2

Tata Steel reported on Friday a surprise quarterly loss of Rs 364 crore as weakening demand and prices in its main European market offset a solid performance at home.

A Reuters poll of brokerages had forecast net profit of Rs 260 crore.

The net loss for the quarter ended September compared with a profit of nearly Rs 600 crore a year earlier.

Shares in Tata Steel, valued at $7.2 billion, extended losses to more than 4 per cent after the results were announced.

Copyright: Thomson Reuters 2012