Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market.
Net profit after minority interest and share of associates was Rs. 5.98 billion ($108 million) for the quarter ended June, compared with a profit of Rs. 53.5 billion, including one-time gains of about Rs. 40 billion, a year earlier.
A Reuters poll of brokerages had forecast net profit of Rs. 6.7 billion.
Shares in Tata Steel, valued at $7 billion, closed down 1.2% ahead of the results.