Tata Motors shares skid 10%; mcap drops by Rs 15,057 crore
Shares of Tata Motors Tuesday plummeted nearly 10 percent, eroding Rs 15,057.51 crore from its market valuation, after the company's standalone net loss widened to Rs 631 crore in the September quarter.
New Delhi: Shares of Tata Motors Tuesday plummeted nearly 10 percent, eroding Rs 15,057.51 crore from its market valuation, after the company's standalone net loss widened to Rs 631 crore in the September quarter.
The stock slumped 9.88 percent to end at Rs 457.25 on BSE. During the day, it tanked 10.99 percent to Rs 451.60.
At NSE, shares of the company plunged 9.83 percent to settle at Rs 457.40.
Following the sharp decline in the stock, the company's market valuation fell by Rs 15,057.51 crore to Rs 1,31,438.49 crore.
The stock was the worst performer among the Sensex and Nifty components.
In terms of volume, 11.76 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
"Standalone business performed weakly in Q2," Prabhudas Lilladher said in a report.
On standalone basis, Tata Motors' net loss widened to Rs 631 crore for the quarter under review compared to Rs 289 crore in the year-ago period.
The company's standalone net sales were at Rs 11,406 crore as against Rs 11,794 crore in the year-ago period, down 3.28 percent.
Meanwhile, Tata Motors reported consolidate profit after tax of Rs 848 crore for the September quarter, mainly on the back of good show by JLR.
It had posted a consolidated loss of Rs 1,740 crore in the July-September period of last fiscal, Tata Motors had said in a statement yesterday.
Its consolidated net revenue in the second quarter of 2016-17 was up 6.94 percent at Rs 67,000 crore as against Rs 62,647 crore in the year-ago period.
JLR posted strong sales in all the regions -- UK, Europe, North America, China and other overseas markets, the company said.