Tata Motors shares tank over 9% after Q4 results

Shares of Tata group’s automobile arm, Tata Motors, tanked more than 9 per cent on Monday (May 13) after the company’s March quarter earnings failed to cheer investors.

The stock plunged 9.44 per cent to Rs 948 per equity share on the BSE while on the NSE, it tanked 9.50 per cent to Rs 947.20 apiece.

The company’s market capitalisation (mcap) was wiped out by Rs 29,946.88 crore to Rs 3,17,998.73 crore.

It emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms and was a key leader in pulling the Nifty Auto Index by 3 per cent down.

Tata Motors had reported an over three-fold jump in consolidated net profit at Rs 17,528.59 crore in Q4 riding with all its three auto businesses, especially the British arm Jaguar Land Rover. The company had posted a consolidated net profit of Rs 5,496.04 crore as compared to a year ago period.