Tata Steel (TATA) reported disappointing set of Q3FY20 earnings with consolidated Adj. EBITDA below our/consensus estimates by 33%/22%. Except better volumes in domestic operations, company missed on rest of all fronts. Adjusted domestic EBITDA/t fell 18% QoQ to Rs9,640 (PLe:11,460) due to sharp fall in realisations. TSE posted EBITDA loss of Rs9.6bn (PLe:+Rs1.7bn) after a gap of 15 quarters. This came as a big disappointment...