Tata Steel failed to capture the overall mood of the stock markets on Tuesday as the counter got hammered after a weak July-September quarter results. The stock was among the top losers on Nifty and Sensex in the early morning trade. It was trading at Rs 100, down by 1.53 per cent on NSE.

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The steel major reported 90 per cent Year-on-Year drop in its consolidated net profit at Rs 1297 crore for the quarter ended 30 September 2022 versus Rs 12,548 crore. It was down 80 per cent sequentially. The revenues for the reporting quarter stood at Rs 59,878 crore versus Rs 60,387 crore in the corresponding quarter in the last fiscal.

 Several top brokerages revised their targets downwards on Tata Steel with CLSA estimating the highest downside. The brokerage sees a 12 per cent decline in the price from Rs 102 (Price at which recommendation was made) and recommends a SELL on this stock.  

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