Shares of SAIL slumped to 2-year lows

Shares of Steel Authority of India Ltd., the top PSU steel maker, slumped to 2-year lows after the company swung to a quarterly loss on the back of a sharp fall in the prices of the commodity.

SAIL said it had a first quarter loss of 321 crore rupees compared with an after tax profit of 530 crore rupees in the same quarter a year ago. Sales during April-June dipped x percent to 9,503 crore rupees versus 11,341 crores in the year-ago period.

SAIL slipped 0.3 rupees, or 0.6 percent, to 55.70 rupees on the National Stock Exchange where 78.4 lakh shares were traded compared to the
5-day average of 50 lakhs.

SAIL has seen its market capitalisation fall 34 percent to 22,900 crore rupees as a global down turn in metal prices hit commodity companies.

Image credit: Indiatimes