Tata Motors falls 7%,m-cap by Rs 5,737 cr

Shares of Tata Motors today plunged over 7 per cent as the company's global sales remained flat.

Written by Agencies | Mumbai | Published: May 16, 2012 9:24 pm

Shares of Tata Motors today plunged over 7 per cent as the company’s global sales remained flat in April at 87,377 units over the same period last year.

The scrip which lost 7.68 per cent to Rs 268 during the day finally ended 7.34 per cent lower at Rs 269 on the BSE.

At the National Stock Exchange (NSE),the stock tumbled 6.99 per cent to Rs 270.05.

On the volume front,22.43 lakh shares of the company changed hands on the BSE,while more than 1.9 crore shares were traded on the NSE.

In the process,the market value of the company declined by Rs 5,737 crore to Rs 72,400 crore.

“Tata Motors witnessed deep cuts of more than 7 per cent on lower than expected global sales figures. Moreover,Tata Motors have significant sales contribution from Euro region and political turmoil in Europe is expected to adversely affect the company’s performance,” Shanu Goel,research analyst at Bonanza Portfolio,said.

Sales of luxury brands from Jaguar Land Rover were at 25,143 units during April,up 29 per cent from the same month last year.

Decline in the stock was significant in dragging the Sensex down by 298.16 points to 16,030.09.

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