Tata Steel reports net loss of Rs 5674 crore

Tata Steel has reported a consolidated net loss of Rs 5,674.29 crore for the quarter ended March 31, 2015 as against a net profit of Rs 1,035.87 crore for the same period of last year. 

The company said that its net sales for the given three months dropped from Rs 42,017.63 crore to Rs 33,336,81 crore. 

Total expenses of the company also fell to Rs 33,635.93 crore as against Rs 38,888.84 crore for March quarter ended 2014. 

Tata Steel said that the company reported a massive net loss because of the Rs 4,475.92 crore of impairment charge the company recorded on its European business. 

It said, "The Board of Directors has recommended a dividend of Rs 8 per share on ordinary shares of Rs 10 each for the financial year 2014-15."