Top News

|  Jaigarh Port inaugurates Edible Oil Terminal  |    |  Cargo traffic in AP ports hit badly  |    |  Railway projects launched in Odisha  |    |  Re-export of cotton likely from Kochi port  |    |  VCT aiming at new cargoes  |    |  VPT handles 22 mt cargo during first 5 months of FY 2018  |    |  IGI airport to get new integrated terminal  |    |  Port of Riga handles 13.8 % rise in box volumes in first 7 months of 2017  |    |  Cathay Pacific carries nearly 14% more cargo in July 2017  |    |  Shanghai Port handles 3.44 m TEU in July  |    |  SWR and JSW Steel sign MoU for long-term tariff contract  |    |  AAI pips GMR for Bhogapuram project  |    |  Japan exports rise 13% to USD 59 billion in July  |    |  Asia-Europe rate drops 1.4% to USD 918 TEU, off 1.2% to USWC  |    |  Coal imports at Major Ports down  |    |  Alliance Air to start 4 new services from August 30  |    |  Milaha to start Direct container service between Qatar & Kuwait  |    |  Port of Virginia container volume increases 7.5% in July to 234,230 TEU  |    |  Cosco container terminals increase July volumes 17.3% to 7.6 million TEU  |    |  Oakland handles 209,883 TEU in July, increasing port volume 1.6%  |   
You are here: Home » National News » Roadways» Tata Motors shares fall nearly 4% on declining CV sales

Tata Motors shares fall nearly 4% on declining CV sales

07 June 2017 | Mumbai
 

transreproter

Shares of Tata Motors Limited on Tuesday fell 3.9% as investors were worried on its declining commercial vehicles (CV) market share.

The stock touched a low of INR 459.50 on BSE and fell as much as 4%.

The scrip lost 3.58% to close at INR 460.90 on BSE. Tata Motors DVR shares fell 2.81% to Rs279.95. India’s benchmark Sensex index fell 0.38% to 31,190.56 points.

On 5 June, the declining market share of medium and heavy duty truck and bus business at India’s largest auto maker Tata Motors has attracted the attention of its board.

In the past couple of years, the leader in high-tonnage trucks and buses has lost much ground to rival Ashok Leyland Limited. In 2016-17, Tata Motors’ share of the medium and heavy duty commercial vehicles (MHCV) segment, including buses, fell to 49.2% from 51.9% a year ago.

The fall was led by a decline in market share of heavy duty trucks to 53% in fiscal 2017 from 58% in fiscal 2015.

In May, Tata Motors MHCV truck sales fell 40%, while overall CV sales dropped 13% to 23,606 units from a year ago.

Ravindra Pisharody, executive director, commercial vehicle business at Tata Motors, blamed the decline on external factors such as the November note ban and the ban on selling BS-III vehicles from 1 April.

On Monday, Pisharody, who was also head of the CV business at Tata Motors, stepped down after a decade with the company, citing personal reasons. Pisharody also quit as director of the company and associated companies.

In a separate filing, Tata Motors said Satish Borwankar, executive director, quality, has been appointed as chief operating officer of the company and his directorship has been extended for 2 years from July 2017

   
Transreproter Logo