Tata Sponge Iron shares plunge 9 per cent on weak Q4 results

Tata Sponge Iron shares plummeted 9 per cent on Tuesday after the company reported weak results for the fourth quarter ended March.

Tata Sponge Iron shares ended at 711.85 on the BSE, down 8.98 per cent from the previous close.

The company reported a whopping 79 per cent fall in consolidated net profit at Rs 8.6 crore for the Jan-Mar quarter, media reports said.

The company had registered a net profit of Rs 40.50 crore during the same period last year.

The company's income fell 30 per cent to Rs 160 crore during the quarter under review, as against Rs 228 crore in the year-ago period.