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Shares of Tata Motors Ltd fell as much as 5.4 per cent on Friday, heading towards their biggest daily fall in more than a year after third-quarter profit missed analyst estimates.
Consolidated net profit fell 25.5 per cent to Rs 3581 crore ($580.20 million), due to losses in its domestic business, unfavourable foreign exchange rates and a dip in sales at its Jaguar Land Rover unit.
Management guidance for lower margins and capital expenditure at JLR unit in a conference call with analysts also weighed the stock.
The company has cut JLR capex guidance, implying potential negative free cash flow in FY16, Motilal Oswal said in a note to its clients.
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