JSW Steel reported a bigger-than-expected slide in second-quarter profit on Friday as higher imports of cheap finished steel dragged domestic prices to three-year lows.

The country's biggest steelmaker by market cap reported a six-fold decline in profit to 4.39 billion rupees ($52.23 million) for the quarter ended June 30.

Analysts, on average, had expected profit to decline 78%, as per LSEG data.

Source: Reuters (Reporting by Manvi Pant in Bengaluru)