Surprise dive into the red by Tata Steel

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The group, where Europe accounts for about two-thirds of production, reported a loss of 6.03 billion rupees (£77 million) in the final three months of 2011 on the back of weak demand across the continent.

Its first quarterly loss in two years is disappointing because steel, used in everything from construction to carmaking, is a key barometer of economic health.

It comes just three days after ArcelorMittal, the world's biggest steelmaker, backed and run by Britain's richest man, Lakshmi Mittal, reported a $1 billion (£631 million) loss over the same period.

Ravindra Deshpande at Elara Securities in Mumbai said: "It doesn't look promising for the
next couple of quarters. There hasn't been a demand uptick that was expected, so prices have come down."