NEW DELHI: Tata Motors shares declined over 8 percent during a volatile trading session on Monday, following below-expected earnings report for the March quarter.
The stock after plummeting 8.34% or 87.25 settle at Rs 959.80 on the BSE. The steep declined in the automaker’s share price wiped off Rs 29,016.23 crore from its market capitalization, bringing it down to Rs 3,19,012.47 crore.
However, despite Tata Motors’ weak performance, the benchmark equity indices managed to close in the green, with the BSE Sensex gaining 111.66 points to settle at 72,776.13 and the NSE Nifty rising 48.85 points to end at 22,104.05.
Earlier, the automobile manufacturer on Friday reported a strong financial performance for the fourth quarter ended March 2024, with consolidated net profit surging more than three-fold to Rs 17,528.59 crore, driven by strong performance of all three of its auto businesses, particularly its British arm, Jaguar Land Rover.
Additionally, the company’s consolidated revenue from operations for the quarter stood at Rs 1,19,986.31 crore, up from Rs 1,05,932.35 crore in the corresponding period of the previous fiscal year.
The stock after plummeting 8.34% or 87.25 settle at Rs 959.80 on the BSE. The steep declined in the automaker’s share price wiped off Rs 29,016.23 crore from its market capitalization, bringing it down to Rs 3,19,012.47 crore.
However, despite Tata Motors’ weak performance, the benchmark equity indices managed to close in the green, with the BSE Sensex gaining 111.66 points to settle at 72,776.13 and the NSE Nifty rising 48.85 points to end at 22,104.05.
Earlier, the automobile manufacturer on Friday reported a strong financial performance for the fourth quarter ended March 2024, with consolidated net profit surging more than three-fold to Rs 17,528.59 crore, driven by strong performance of all three of its auto businesses, particularly its British arm, Jaguar Land Rover.
Additionally, the company’s consolidated revenue from operations for the quarter stood at Rs 1,19,986.31 crore, up from Rs 1,05,932.35 crore in the corresponding period of the previous fiscal year.
