Mumbai: Shares of Tata Motors Ltd on Thursday plunged nearly 8% to hit an over 27-month low as many brokerages reduced the stock’s target price after the company reported a 50% drop in its consolidated net profit.
Tata Motors on Wednesday said its consolidated net profit fell to Rs2,175.16 crore for the quarter ended 31 March, down 49.8% from Rs4,336.43 crore in the same period a year earlier as vehicle sales declined at its British unit Jaguar Land Rover (JLR) and its Indian operation reported a loss. Sales rose 15.9% to Rs91,279.09 crore from Rs78,746.61 crore last year same quarter.
In intraday trade, Tata Motors shares fell as much as 7.97% to hit a low of Rs284.70 a share-a level last seen on 12 February 2016. At 10.27am, the stock was trading 6.1% lower at Rs290.45 on BSE, while the .Sensex was up 0.47% to 34,507.54 points.
