Tata Motors Shares Drop Over 6% on Disappointing Q1 Results
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New Delhi Shares of Tata Motors on Wednesday dropped over 6 per cent after the company reported a consolidated net loss of Rs 1,862.57 crore for the first quarter ended June 30.
The stock tumbled 6.11 per cent to Rs 248 on BSE. It was the worst hit among the 30-Sensex blue chips.
On NSE, shares of the company dropped 5.33 per cent to Rs 250. Tata Motors group on Tuesday reported a consolidated net loss of Rs 1,862.57 crore for the first quarter ended June 30, dragged down by multiple challenges that its British arm JLR faced in major markets, including China, UK, Europe and the US.
The company had reported a net profit of Rs 3,199.93 crore in the April-June quarter of 2017-18.
Total revenue from operations, however, rose to Rs 67,081.29 crore as compared with Rs 59,818.22 crore in the year-ago period, Tata Motors said in a regulatory filing.
On standalone basis, the company reported a net profit of Rs 1,187.65 crore. It had reported a net loss of Rs 463.14 crore in the first quarter last fiscal.
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Source: News18