Jindal Steel Shares Sink 6% As Company Reports Loss

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, May 28, 2015, 13:14 [IST]

Shares in Jindal Steel sank a huge 6 per cent after the company reported a loss of Rs 235 crores for the quarter ending March 31, 2015. The company had reported a net profit of Rs 430.83 crore during the previous quarter ended March 2014.

The stock was last trading at Rs 121 on the National Stock Exchange with a loss of 6.21 per cent. "Continued subdued demand for steel and unabated import of steel from Korea, China and other countries saw net realisations plummet," the company said.

The company's financial performance was also impacted due to the expense of additional levy of Rs 1912 crores as per the Judgement of the Honourable Supreme Court.

"All the steel plants delivered a stable performance and new units got over with their teething issues," the company said in a statement.

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