Tata Steel Shares Dip Amid Volatile Market Trends

Tata Steel shares fell nearly 2% despite reporting a net profit of Rs 758.84 crore for the September 2024 quarter. The decline followed initial gains and aligned with the broader downturn in equities. Profit was supported by lower expenses, although total income decreased compared to the previous year.

Tata Steel shares witnessed a decline of nearly 2% on Thursday, as investors engaged in profit-taking amidst a broader weak trend in equities. Although the shares saw an initial rise of over 2% following the company's report of a net profit of Rs 758.84 crore for the September 2024 quarter, they ultimately closed lower.

On the Bombay Stock Exchange (BSE), Tata Steel's stock finished 1.76% down at Rs 150.90, having earlier climbed to Rs 156.80. Similarly, on the National Stock Exchange (NSE), the shares slid 1.60% to close at Rs 151.15 after intraday trading hit 2.14% upward to Rs 156.92.

Despite the positive profit figures helped by reduced expenses, Tata Steel's total income decreased to Rs 54,503.30 crore compared to Rs 55,910.16 crore in the previous year. Meanwhile, the BSE benchmark index dropped 836.34 points to 79,541.79, and the NSE Nifty lost 284.70 points, settling at 24,199.35, reflecting a sluggish market environment.

(With inputs from agencies.)