BENGALURU (Reuters) – India’s JSW Steel reported its first-quarter profit fell more-than-expected on Friday as national general elections led to stagnant demand in the quarter and lower steel prices weighed.
The country’s largest steelmaker by market cap reported a 64% decline in profit to 8.45 billion rupees ($101 million) for the quarter ended June 30.
Analysts, on average, had expected the O.P. Jindal Group company’s profit to decline 53%, as per LSEG data.
($1 = 83.6380 Indian rupees) (This story has been refiled to say ‘fell’ not ‘fall’ in paragraph 1)
(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)
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