Tata Motors tanks 9%, m-cap takes Rs 10,351-crore hit

New Delhi: Shares of Tata Motors on Thursday plunged nearly 9 percent, knocking off Rs 10,351 crore off its market valuation, after the company's June quarter earnings failed to meet market expectations.

The stock tumbled 8.60 percent to settle at Rs 380.90 on the BSE. During the day, it ran down 9.77 percent to Rs 376 -- its 52-week low.

On the NSE, it slipped 8.61 percent to end at Rs 380.20.

The company's market valuation declined by Rs 10,350.9 crore to Rs 1,09,979.10 crore.

The stock was the worst performer on both the key indices.

In terms of equity volume, 24.02 lakh shares of the company were traded on the BSE and over 2 crore on the NSE during the day.

Home-grown auto major Tata Motors on Wednesday reported a 41.54 per cent jump in net profit at Rs 3,199.93 crore for the June quarter of the current fiscal, benefiting from one-time gain relating to changes made to JLR pension plans.

It had posted consolidated net profit of Rs 2,260.4 crore in April-June of last fiscal, Tata Motors said in a BSE filing.

Income from operations during the period under review stood at Rs 59,818.22 crore as against Rs 66,165.89 crore in the year-ago period, down 9.59 percent.