Uttam Galva Steels posted net loss of Rs 213.26 crore during July-September period in 2017

Uttam Galva Steels' net loss widened to Rs 580.58 crore in the quarter ended on September 30, 2018, mainly due to high finance cost and a sharp decline in revenue.

The company had posted a net loss of Rs 213.26 crore during July-September period in 2017, Uttam Galva Steels Ltd said in a BSE. Total income plunged to Rs 111.29 crore in July-September 2018 from Rs 900.27 crore in the year-ago quarter, according to the filing.

Its finance costs too zoomed to Rs 339.65 crore in the quarter under review from Rs 174.41 crore in July-September 2017.

Uttam Galva Steels is one of the largest manufacturers of cold rolled steel and galvanized steel in western India.

Shares of the company closed 4.98 per cent down at Rs 8.58 apiece on BSE.

(With inputs from agencies.)