Tata Steel, one of the leading steel makers in the world, reported a fall of 70.41% in consolidated net profit for the quarter ended Jun. 30, 2014, due to higher tax expense and provisions. 

For the quarter, profit stood at Rs 3.37 billion  as compared to Rs 11.39 billion in the same period last year.
 
Total income has increased by 11.04% to Rs 364.27 billion for the quarter ended Jun. 30, 2014 from Rs 328.04 billion in the year ago period.

The company's tax expense tripled to Rs 10.80 billion for the first-quarter, when compared with Rs 3.51 billion in the same period last year. Exceptional item and provisions of Rs 2.62 billion also weighed on the profitability.

Shares of the company declined Rs 7.2, or 1.33%, to settle at Rs 534.70. The total volume of shares traded was 769,452 at the BSE (Wednesday).