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Tata Motors shares plunged over 10 per cent today as the company reported a 96.22 per cent decline in consolidated net profit for the December quarter.
The stock tumbled 10.32 per cent to Rs 436.55 on the BSE.
On the NSE, shares of the company tanked 9.41 per cent to Rs 436.70.
Led by the sharp dip in the stock, the company’s market valuation plummeted by Rs 15,067.81 crore to Rs 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 per cent in the previous session as well.
“TAMO reported another weak quarter with both standalone business and JLR performance coming well below our/street expectation,” Kotak Securities said in a report.
Homegrown auto major Tata Motors had yesterday reported a 96.22 per cent decline in consolidated net profit at 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 a net profit of Rs 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 per cent at Rs 67,864.95 crore against Rs 69,398.07 crore in the year-ago period.
On a standalone basis, Tata Motors’ losses after tax widened to Rs 1,046 crore in the third quarter of 2016-17 from Rs 137 crore a year ago.
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