Tata Motors shares tank over 8%, most in 2 years. Here's why

  • Tata Motors shares tanked over 8% and its market capital declined by 29,016 crore on Monday.
Tata
Tata Motors shares tanked over 8% and its market capital declined by ₹29,016 crore on Monday.
Tata
Tata Motors shares tanked over 8% and its market capital declined by ₹29,016 crore on Monday.

Shares of Tata Motors on Monday tanked more than 8 per cent after the company's March quarter earnings failed to cheer investors.

The stock plummeted 8.32 per cent to settle at 959.80 apiece on the BSE. During the day, it plunged 9.44 per cent to 948.

On the NSE, it tanked 8.33 per cent to 959.40 per piece.

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The company's market capitalisation (mcap) was wiped out by 29,016.23 crore to 3,19,012.47 crore.

It emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

The 30-share BSE Sensex settled 111.66 points up at 72,776.13. The NSE Nifty climbed 48.85 points to 22,104.05.

Tata Motors on Friday reported an over three-fold jump in consolidated net profit at 17,528.59 crore in the fourth quarter ended March 2024, riding with all its three auto businesses delivering a strong performance, especially the British arm Jaguar Land Rover.

The company had posted a consolidated net profit of 5,496.04 crore in the same quarter of the previous fiscal, Tata Motors said in a regulatory filing.

Total consolidated revenue from operations stood at 1,19,986.31 crore compared to 1,05,932.35 crore in the year-ago period.

In Q4 FY24, Tata Motors said all three auto businesses delivered strong performance.

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First Published Date: 14 May 2024, 07:36 AM IST
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