Tata Motors shares fall 6 per cent after company reports 49 per cent decline in quarterly profit
NEW DELHI: Shares of Tata Motors Tuesday tumbled over 6 per cent in morning trade a day after the company posted 49 per cent decline in March quarter results.
The script, after a weak opening at Rs 186.60, further dropped 6.10 per cent to Rs 178.40 on the BSE.
At the NSE, shares plunged 6.36 per cent to Rs 178.05. On Monday, the company reported 49 per cent decline in March quarter 2019 results at Rs 1,108.66 crore.
The company said the plunge was mainly due to lower revenues and exceptional charge on account of its British arm Jaguar Land Rover.
During the latest quarter, JLR announced a voluntary redundancy programme and accordingly had an exceptional charge of Rs 1,367.22 crore.
For 2018-19, the company posted a loss of Rs 28,724.20 crore, mainly on the back of impairment charge of Rs 27,837.91 crore recognised in the third quarter of the fiscal.
Tata Motors Group CFO PB Balaji on Monday said market conditions in the fourth quarter were adverse due to significant stress on liquidity, higher capacity arising from axle load norm changes and lower economic activity.