SAIL plunges 3% as steelmaker mounts another quarter of losses

NEW DELHI: Shares of SAIL fell nearly 3 per cent in Friday’s trade after the state-run company reported at least fifth straight quarter of net losses.

The steelmaker on Thursday reported a net loss of Rs 795 crore on Thursday, compared with Rs 731.58 crore in the September quarter and Rs 1528.73 crore in the year-ago quarter.

Tracking the results, the stock dropped 2.73 per cent to hit a low of Rs 64.10 on BSE. At the prevailing price, shares of the loss-making firm were trading at 0.67 times its book value.

Total income from operations rose 25.2 per cent on a YoY basis to Rs 12,619 crore compared to Rs 10,072.79 crore reported in the corresponding quarter of last fiscal.

SAIL on Thursday informed BSE that the Ministry of Steel has appointed Saraswati Prasad, Additional Secretary & Financial Adviser (AS&FA), Ministry of Steel, as government director on the board of directors of the company in place of Bharathi S Sihag, former special secretary & financial adviser, Ministry of Steel.