NEW DELHI: Shares of JSW Steel declined over 2 per cent in Thursday's session, a day after it reported a 10 per cent year-on-year (YoY) drop in consolidated profit to Rs 1,603 crore for the December quarter.

Revenue from operations rose 11 per cent YoY to Rs 20,318 crore, while the operating Ebitda rose 17 per cent YoY to Rs 4,501 crore, the company said in a BSE filing.

Global brokerage CLSA expects a sharp fall in the fourth quarter margin and had maintained a 'Sell' call on the stock with a target price of Rs 225.

"The valuations are still expensive despite the stock fall. So, we cut FY20-21CL EPS by 5 per cent," CLSA said.

Shares of the company traded 1.15 per cent down at Rs 276.10 on BSE around 11 am.