Friday, February 8, 2019

Tata Motors shares crack 29.5% on biggest quarterly loss

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New Delhi: Shares of Tata Motors today plummeted 29.5 per cent after the company reported its biggest ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended December 31.

The auto major’s stock plunged 22.41 per cent to Rs 141.90 its 52-week low on the BSE. On the NSE, it cracked 29.45 per cent to Rs 129 its one-year low. The stock was the biggest drag on both the indices during morning trade.

The company’s market valuation plunged Rs 9,801.94 crore to Rs 43,007.06 crore during late morning session on BSE. The auto major on Thursday reported its biggest ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover.

This is the third consecutive quarterly loss reported by the company, which had registered a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. Total revenue from operations, however, rose 4.36 per cent to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing.

JLR’s revenue declined 1 per cent to 6.2 billion pounds.



Source: FPJ
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