Tata Motors shares fall 7 pc post quarterly results
New Delhi: Shares of Tata Motors Tuesday slumped over 7 per cent a day after the company posted 49 per cent decline in March quarter results.
The scrip, after a weak opening at Rs 186.60, further dropped 8.36 per cent to Rs 174.10 on the BSE and finally closed the counter 7.05 per cent lower at Rs 176.60.
On NSE, shares sank 6.60 per cent to settle at Rs 177.60.
On the equity volume front, 42.38 lakh shares were traded on BSE while over 5 crore scrips changed hands on NSE.
On Monday, the company reported 49 per cent decline in March quarter 2019 results at Rs 1,108.66 crore.
The company said the plunge was mainly due to lower revenues and exceptional charge on account of its British arm Jaguar Land Rover.
During the latest quarter, JLR announced a voluntary redundancy programme and accordingly had an exceptional charge of Rs 1,367.22 crore.
For 2018-19, the company posted a loss of Rs 28,724.20 crore, mainly on the back of impairment charge of Rs 27,837.91 crore recognised in the third quarter of the fiscal.
Tata Motors Group CFO P B Balaji on Monday said market conditions in fourth quarter were adverse due to significant stress on liquidity, higher capacity arising from axle load norm changes and lower economic activity.
