Tata Steel Ltd swung to a loss in its third quarter, hit by cheap imports into India and Europe and sluggish demand.

Net loss at Tata Steel, a unit of the hotels-to-automobiles Tata group, was 21.27 billion rupees ($314.53 million) in the quarter ended Dec. 31, as against a profit of 1.57 billion rupees in the year-ago period.

Revenue dropped 16.5 percent to 280.39 billion rupees as against 336.33 billion rupees a year ago.