Tata Motors saw its share price tumble Monday, losing over 9 percent as March quarter earnings came in disappointing, failing to uplift the mood of investors.
The company's scrip crashed by 9.44 per cent to Rs 948 a piece on BSE, while on NSE, it plunged by 9.50 per cent to Rs 947.20 a piece. The slide wiped off Rs 29,946.88 crore from the company's market valuation, which fell to Rs 3,17,998.73 crore.
Tata Motors was the worst Sensex and Nifty stock of the BSE and NSE listed companies. The broader market indices also witnessed significant losses.
At 72,040.04, the 30-share BSE Sensex experienced a 624.43 point decline in value. The NSE Nifty closed at 21,941.55, down 113.65 points.
With all three of its automotive businesses—especially the British division Jaguar Land Rover—producing good results, Tata Motors announced on Friday a more than three-fold increase in consolidated net profit, which came to Rs 17,528.59 crore for the fourth quarter that ended in March 2024.
According to a regulatory filing by Tata Motors, the business reported a consolidated net profit of Rs 5,496.04 crore for the corresponding quarter of the previous fiscal year.
Compared to the same time last year, when it was Rs 1,05,932.35 crore, the total consolidated revenue from operations was Rs 1,19,986.31 crore.
Tata Motors reported that all three of its automotive divisions performed well in Q4 of FY24.
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