Tata Motors tanks 9%, m-cap takes Rs 10,351-cr hit

Shares of Tata Motors today

plunged nearly 9 per cent, knocking off Rs 10,351 crore off

its market valuation, after the company's June quarter

earnings failed to meet market expectations.

The stock tumbled 8.60 per cent to settle at Rs 380.90 on

the BSE. During the day, it ran down 9.77 per cent to Rs 376

-- its 52-week low.

On the NSE, it slipped 8.61 per cent to end at Rs 380.20.

The company's market valuation declined by Rs 10,350.9

crore to Rs 1,09,979.10 crore.

The stock was the worst performer on both the key

indices.

In terms of equity volume, 24.02 lakh shares of the

company were traded on the BSE and over 2 crore on the NSE

during the day.

Home-grown auto major Tata Motors yesterday reported a

41.54 per cent jump in net profit at Rs 3,199.93 crore for the

June quarter of the current fiscal, benefiting from one-time

gain relating to changes made to JLR pension plans.

It had posted consolidated net profit of Rs 2,260.4 crore

in April-June of last fiscal, Tata Motors said in a BSE

filing.

Income from operations during the period under review

stood at Rs 59,818.22 crore as against Rs 66,165.89 crore in

the year-ago period, down 9.59 per cent.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)