Shares Decline After Q3 Miss; Analysts Peg Valuations As Unfavourable

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Shares of JSW Steel Ltd. declined after it reported weaker-than-expected third quarter profit, while expensive valuations kept analysts at bay. The steelmaker’s net profit fell nearly 89% year-on-year to Rs 490 crore in the three months ended December, according to an exchange filing. That compares with the 1,104.7-crore consensus estimate of analysts tracked by Bloomberg.