The logo of Tata Motors
Shares of Tata Motors settled the day 10% lower on Tuesday after the auto major’s second quarterly profit fell short of Street expectations.
The stock was the top Sensex loser and hit an intraday low of Rs 451, down 11% on the BSE. A total of 11.76 lakh shares changed hands on the counter on BSE for the day, compared with 6.49 lakh shares, on an average, in the past two weeks.
The automobile giant on Monday reported consolidated profit after tax of Rs 848 crore for the September quarter, riding on robust sales of its British arm Jaguar Land Rover across various overseas markets.
It had posted a consolidated loss after tax of Rs 1,740 crore in the July-September period of last fiscal, Tata Motors said in a filing to BSE.
Consolidated net revenue in the second quarter of 2016-17 was up 6.94 per cent at Rs 67,000 crore, as against Rs 62,647 crore in the year-ago period.
JLR posted strong sales in all the regions - UK, Europe, North America, China and other overseas markets, the company said.
On standalone basis, Tata Motor's net loss widened to Rs 631 crore for the quarter under review, compared to Rs 289 crore in the year-ago period.
Standalone net sales were at Rs 11,406 crore as against Rs 11,794 crore in the year-ago period, down 3.28 per cent.