Tata Motors Shares Fall 6 % Post Quarterly Results

AUTO

Shares of Tata Motors today tumbled over 6 per cent in morning trade 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 6.10 per cent to Rs 178.40 on the BSE.

At the NSE, shares plunged 6.36 per cent to Rs 178.05.

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 recognized in the third quarter of the fiscal.

Tata Motors Group CFO PB 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.