Automobile News

Tata Motors shares tank 9 pc on weak Q3 show

Tata Motors shares tank 9 pc on weak Q3 show

New delhi: Tata Motors shares plunged over 9 per cent today after the company reported a 96.22 per cent decline in consolidated net profit for the December quarter.

The stock tumbled 9.35 per cent to Rs 441.25 on BSE.

At NSE, shares of the company tanked 8.56 per cent to Rs 440.75.

The stock had lost 5 per cent in the previous session as well.

Homegrown auto major Tata Motors yesterday reported a 96.22 per cent decline in consolidated net profit to Rs 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 net profit of Rs 2,952.67 crore in the same quarter of last fiscal, Tata Motors said in a BSE filing.

The company’s consolidated sales during the October- December quarter were down 2.2 per cent to Rs 67,864.95 crore as against Rs 69,398.07 crore in the year-ago period.

On a standalone basis, Tata Motors’ loss after tax widened to Rs 1,046 crore in the third quarter of 2016-17, from Rs 137 crore a year ago.
PTI