Shares of Tata Chemicals Ltd plunged as much as 8 per cent. The Tata group firm posted dismal earnings for the quarter ended on March 31, 2021. The scrip opened 7.9 per cent down at Rs 721.85 on BSE, but later recovered marginally to trade at Rs 726.85. Benchmark BSE Sensex traded 133 points, or 0.27 per cent, higher at 48,851. The Tata Chemicals stock had closed at Rs 782.85.
The company reported an 85 per cent drop in consolidated profit after tax (PAT) at Rs 29 crore for March quarter against Rs 198 crore reported for the corresponding period last year. On a consolidated basis, income from operations rose by 11 per cent to Rs 2,636 crore during the quarter under review compared with Rs 2,378 crore in the year-ago period.
“With the second wave of Covid-19, our priority will be the health and safety of our stakeholders, and we are undertaking several initiatives to cater to the well-being of the employees and communities,” Tata Chemicals Managing Director and CEO R Mukundan said.
Stock Covered in the news