Tata Motors Shares Plunge 9% After Earnings

New Delhi, May 13 (PTI) Shares of Tata Motors on Monday tanked more than 9 per cent after the company's March quarter earnings failed to cheer investors.

The stock plunged 9.44 per cent to Rs 948 a share on the BSE.

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.

The 30-share BSE Sensex traded 624.43 points lower at 72,040.04. The NSE Nifty quoted 113.65 points down at 21,941.55.

Tata Motors on Friday reported an over three-fold jump in consolidated net profit at Rs 17,528.59 crore in the fourth quarter ended March 2024, riding with all its three auto businesses delivering a strong performance, especially the British arm Jaguar Land Rover.

The company had posted a consolidated net profit of Rs 5,496.04 crore in the same quarter of the previous fiscal, Tata Motors said in a regulatory filing.

Total consolidated revenue from operations stood at Rs 1,19,986.31 crore compared to Rs 1,05,932.35 crore in the year-ago period.

In Q4 FY24, Tata Motors said all three auto businesses delivered strong performance.