Tata Motors shares tank 10.32%; m-cap dips by INR 15,068 cr
Tata Motors shares plunged over 10% today as the company reported a 96.22% decline in consolidated net profit for the December quarter. The stock tumbled 10.32% to INR 436.55 on the BSE.
Led by the sharp dip in the stock, the company’s market valuation plummeted by INR 15,067.81 crore to INR 1,25,488.19 crore.
In terms of volume, 36.29 lakh shares of the company were traded on the BSE and over 3 crore shares changed hands on the NSE during the day.
The stock had lost 5% in the previous session as well.
Kotak Securities said in a report, “TAMO reported another weak quarter with both standalone business and JLR performance coming well below our/street expectation.”
Homegrown auto major Tata Motors had yesterday reported a 96.22% decline in consolidated net profit at INR 111.57 crore for the December quarter, dragged down by losses in domestic operations and lower profit of its British arm JLR.
It had posted a net profit of INR 2,952.67 crore in the same quarter last fiscal, Tata Motors said in a BSE filing.
The company’s consolidated sales during the October-December quarter were down 2.2% at INR 67,864.95 crore against INR 69,398.07 crore in the year-ago period.
On a standalone basis, Tata Motors’ losses after tax widened to INR 1,046 crore in the third quarter of 2016-17 from INR 137 crore a year ago.
Tag Keyword: Tata Motors , Shares , Domestic Operations