Tata Steel shares that fell as much as 5 per cent in the early trade on Friday wiped off its losses on reports that India may set minimum import price on steel imports. The company on Thursday (after market hours) posted a net loss of Rs 2,127.23 crore for the third quarter ended December 2015 against net profit of Rs 157.11 crore in the same period a year ago.
At 9.41 am, Tata Steel shares were trading 3.85 per cent up at Rs 217.45. The scrip opened at Rs 215 and had touched a high and low of Rs 220 and Rs 215, respectively, in trade so far. Later, the share price of the company ended 3.47 per cent up at Rs 234.
Total consolidated income of the steel maker declined by 17 per cent to Rs 28,039 crore in the October-December quarter of this fiscal, from Rs 33,633 crore during the same quarter in 2014-15.
In the past one year, shares of Tata Steel plunged 41.83 per cent to Rs 226.15 on February 4, whereas BSE Sensex fell 15.73 per cent during the period.